RBA Increase Cash Rate to 3.10%

Australia’s official interest rate is now 3.10% after the Reserve Bank of Australia lifted the cash rate by 25 basis points following today’s board meeting.

The move was widely expected, as the RBA reiterated its determination to return inflation to target in its November quarterly Statement on Monetary Policy. The central bank “expects that interest rates will need to increase further” to achieve this.

The RBA’s next board meeting is scheduled for 7 February 2023, following the traditional January break.

Read the December statement here.