Australia’s Official Cash Rate Rises to 4.1 Percent in June

A pedestrian moves past the Reserve Bank of Australia (RBA) building in Sydney, Australia, on Oct. 18, 2022. Lisa Maree Williams/Getty Images

Australian borrowers have been hit with another round of interest rate hikes after the Reserve Bank of Australia (RBA) raised the official cash rate by 0.25 percent to 4.1 percent, the highest level since April 2012.

This comes after a 0.25 percent increase in May and a brief pause in April.