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RBA interest rates: Bullock says ‘pain now’ will prevent worse later as Reserve Bank hikes rates for fifth time

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 03/11/2026, 07:50:25 UTC.

Briefings

The Reserve Bank of Australia raised its official cash rate to 4.85% in November 2026, marking the highest level since 2008. Governor Michele Bullock stated that immediate pain will prevent future economic damage. This decision affects mortgage holders and intensifies pressure on indebted households, though the central bank plans to wait through summer to assess economic impacts.

Key points

• The Reserve Bank of Australia raised its official cash rate to 4.85% in November 2026, bringing it to an 18-year high.
• Governor Michele Bullock stated that immediate pain will prevent future economic damage from higher rates.

Context

The Reserve Bank of Australia increased the official cash rate to 4.85% in November 2026 to combat persistent inflation. This decision affects mortgage holders and intensifies pressure on indebted households. The RBA plans to wait through summer to gauge the impact of higher rates on the economy.

Limitations

Evidence is limited to the RBA's official statement and a Guardian Australia newsletter summary. No specific data on inflation trends, economic forecasts, or household spending patterns are provided. The article does not specify the exact date of the summer wait or the precise economic indicators used for the decision.

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