Here's why the RBA raised interest rates

Australia's Reserve Bank raised its cash rate by 0.25 percentage points to 4.35 percent to combat inflation running at 4.6 percent. While rising fuel costs contributed to inflationary pressures across transport and food, the rate increase doesn't directly affect petrol prices. Mortgage holders face higher repayments, though savers may benefit from increased deposit rates.

Summary by Glance · ABC News – Australia