RBA Raises Interest Rate to 4.1% Amid Fuel Crisis 🚗

The Reserve Bank of Australia has increased the cash rate by 25 basis points to 4.1%, the second rate hike this year, with the decision attributed to concerns about sustained high petrol prices stemming from the Middle East conflict. The Reserve Bank Board was split on the decision, with five members voting in favour and four against, as homeowners face additional monthly repayments of $76 on a $500,000 loan or $150 on a $1 million loan. The ACCC has convened retailers, suppliers and automotive groups to demand explanations for elevated fuel prices, while political debate intensifies over Australia's fuel security and domestic resource development.

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