RBA interest rates: Reserve Bank governor says higher fuel prices 'not the reason' for rate hike

The Reserve Bank of Australia rate hike takes the cash rate target from 3.85% to 4.1%, back to where it was in February 2025, wiping out the relief offered by two interest rates cuts last year.
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‘Higher petrol prices will add to inflation but they’re not the reason for today’s decision. If the Middle East conflicts get worse or are not resolved soon, higher fuel costs will push inflation here even higher,’ RBA governor Michele Bullock said.

The RBA has made one of its most controversial calls in recent years - and this rate rise may not age well ► https://www.theguardian.com/australia-news/2026/mar/17/the-rba-has-made-one-of-its-most-controversial-calls-in-recent-years-and-this-rate-rise-may-not-age-well?CMP=gdnaus_yt

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