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Story summary
- The Reserve Bank of Australia raised its cash rate by 25 basis points to 4.1% on March 17 in a 5-4 vote.
- The decision aims to curb inflation, which remains above the 2-3% target.
- The RBA cited rising oil prices due to the Middle East conflict as a major inflation driver.
- Some economists say raising rates may not be the best response to supply-side shocks.
- Consumer confidence has declined.
