Reserve Bank of Australia Hints at First Interest Rate Hike in Over a Decade

People walk past the Reserve Bank of Australia in Sydney, Australia, on April 5, 2022. AAP Image/Steven Saphore

The Reserve Bank of Australia (RBA) is no longer reiterating its willingness “to be patient,” a line that previously replaced its guidance that the cash rate would not rise before 2024, meaning an interest rate hike may be on the horizon.

In the RBA board minutes for April, it was noted that both inflation and wages growth had picked up. Inflation was expected to further increase, while wages growth in aggregate terms was still below target levels.