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The Reserve Bank of Australia has raised interest rates by 25 basis points to 4.6 percent, citing ongoing inflationary pressures.
“Inflation remains elevated and some of the upside risks flagged in August are materialising,” the board stated.
In a unanimous decision, the board highlighted the Middle East conflict, energy prices and artificial intelligence as key factors.
“The conflict in the Middle East has broadened and global energy prices are now much higher than had been assumed in the August forecasts,” the board said.
“AI-related demand is driving rapid growth in global prices for technology-related goods. And there remains pressure on domestic capacity.”
Australian Treasurer Jim Chalmers takes questions from the media in Canberra, Australia at Parliament House on May 13, 2026. (Hilary Wardhaugh/Getty Images)Interest rates are at their highest rate since November 2011 when the rate was last at 4.5 percent. …
“Inflation remains elevated and some of the upside risks flagged in August are materialising,” the board stated.
In a unanimous decision, the board highlighted the Middle East conflict, energy prices and artificial intelligence as key factors.
“The conflict in the Middle East has broadened and global energy prices are now much higher than had been assumed in the August forecasts,” the board said.
“AI-related demand is driving rapid growth in global prices for technology-related goods. And there remains pressure on domestic capacity.”
Australian Treasurer Jim Chalmers takes questions from the media in Canberra, Australia at Parliament House on May 13, 2026. (Hilary Wardhaugh/Getty Images)Interest rates are at their highest rate since November 2011 when the rate was last at 4.5 percent. …
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