The Reserve Bank of Australia has hiked interest rates for the fifth time this year, from 4.6% to 4.85%, in a bid to regain control of surging inflation amid the ongoing global oil shock triggered by the war in the Middle East. The RBA’s cash rate has now reached its highest level since 2008. Back-to-back hikes will heap more pain on more than 3.3m households with home loans and turn the screws on a federal government under pressure for its economic management
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RBA interest rates: Reserve Bank hikes cash rate for fifth time this year in blow to mortgage holders
