The RBA has made one of its most controversial calls in recent years - and this rate rise may not age well
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The Reserve Bank of Australia (RBA) has made a controversial decision to hike interest rates during a historic global energy shock. The nine-member rate-setting board voted 5-4 in favour of a rate rise, with some members preferring to wait and see how the Middle East conflict develops before making a decision. RBA Governor Michele Bullock stated that the decision was influenced by concerns about accelerating inflationary pressures due to high petrol prices. The current inflation rate is 3.8%, above the central bank's target of 2.5%. The RBA has not yet conducted detailed modelling on potential impacts from an extended conflict, but is exploring this further.
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