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

Reserve Bank of Australia increases official cash rate to 4. 85%, bringing it to highest level since 2008 RBA interest rates live updates: Reserve Bank cash rate decision The Reserve Bank governor Michele Bullock has said that “some pain now will prevent even worse pain down the track, ” after lifting official interest rates to an 18-year high of 4. 85% in a bid to combat persistent inflation. The RBA’s decision to hit mortgage holders for a fifth time in 2026 will intensify pressure on indebted households, but signal.