Australia's Central Bank Lifts Cash Rate to 15-Year High

Australia's central bank has raised its benchmark cash rate to a 15-year high, signaling the potential for further hikes.

The Reserve Bank of Australia has raised its benchmark cash rate to its highest level in 15 years, the Australian Broadcasting Corporation (ABC) and The Straits Times reported.

According to The Straits Times, the central bank signaled that there remains a risk of further interest rate hikes in the future. Qatari news agency QNA also reported the move, noting that rates have reached their highest point in a decade and a half.

Further details regarding the precise size of the rate increase and the new policy rate have not yet been released in the reports.