Australia’s Central Bank Raises Interest Rate to 15-Year High

Australia’s central bank raised its benchmark interest rate to 4.60% on Tuesday morning, taking borrowing costs to their highest level in 15 years.

The decision marked the bank’s fourth rate increase this year as it continues efforts to bring inflation under control.

The bank said inflation remained far too high, underscoring the price pressures driving its latest move to tighten monetary policy.

It also signalled that further tightening remained an option if necessary, leaving the door open to additional rate increases.