Money
Australia lifts rates to 15-year high as oil keeps pressure on prices
The Reserve Bank moves to 4.6 per cent while Brent trades above US$107 a barrel.
Published: September 29, 2026 · 1 min read
Australia’s central bank raised its key interest rate by a quarter point to 4.6 per cent on Tuesday, a 15-year high, citing oil-driven inflation and stronger-than-expected growth, as global markets wrestled with fading hopes for a quick reopening of the Strait of Hormuz.
Brent crude gained nearly two per cent and traded above US$107 a barrel early Tuesday, far above roughly US$72 before the Iran conflict began in late February. U.S. West Texas Intermediate rose about 1.8 per cent to more than US$94. High energy prices have revived expectations that the Federal Reserve will hike again at the end of October after raising rates earlier this month.
The U.S. 10-year Treasury yield rose above 5.27 per cent on Monday, its highest in 19 years. Asian equities mostly fell, and Wall Street’s major indexes closed lower Monday. Investors are watching U.S. inflation and jobs data this week for clues on how far central banks will go to contain a war-linked energy shock.
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