Australia’s central bank raised its benchmark cash rate by 25 basis points to 4.85%, its highest level since November 2008. The move, which matched economists’ expectations surveyed by Reuters, marked the fifth rate increase this year. The consumer price index rose 4.3% in September, up from 4% in August, driven in part by higher oil prices linked to the Iran War and stronger domestic spending. Growth has slowed, with GDP increasing 2.1% in the second quarter of 2026, compared with 2.5% in the previous quarter. Reserve Bank of Australia governor Michelle Bullock said a recession is not the current base case, while warning that additional rate hikes may be needed if inflation remains elevated.
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