Reserve Bank of Australia Slows Down Its Tightening Policy With 0.25 Percent Rate Rise in October

Pedestrians walks past the Reserve Bank of Australia in Sydney, Australia, on June 4, 2019. Peter Parks/AFP via Getty Images

The Reserve Bank of Australia (RBA) has announced the sixth consecutive interest rate hike at its board meeting on Oct. 4, lifting the official cash rate to 2.6 percent.

Prior to the meeting, the RBA said it would opt between a 0.25 percent and 0.5 percent rate rise. It eventually chose the former option, which went against many experts’ expectations of a higher rate hike.