Australia's central bank raises cash rate to 15-year peak

Australia's ​central bank raised its ​cash rate ‌to a ​15-year high of 4.60% on Tuesday in its fourth ‌hike of the year, saying inflation was too high and it was prepared to ‌hike further if needed. Wrapping up its ‌September policy meeting, the Reserve Bank of Australia board voted unanimously to lift rates by 25 ⁠basis points, ​bringing the ⁠tightening this year to a full percentage point. The ⁠board said some of the upside risks ​to inflation were materialising with energy costs ⁠high and productivity weak at home.

Investors had wagered heavily ⁠on ​an increase given core inflation was running at 3.6%, well above the ⁠RBA's target range of 2% to 3%, and ⁠markets ⁠are priced for at least one more hike ahead.