Reserve Bank of Australia raises cash rate to 4.60%

• The Reserve Bank of Australia raised the cash rate target by 25 basis points to 4.60%.
• The decision follows higher global energy prices and persistent domestic inflation pressures.
• Central bank board members indicated further rate increases remain possible if inflation stays elevated.

The Reserve Bank of Australia increased the official cash rate by 0.25 percentage points to 4.60% to curb persistent domestic inflation.

The decision marks the highest benchmark interest rate for the economy in 15 years following three rate increases this year.

"Inflation remains elevated and some of the upside risks flagged in August are materialising," RBA said in a statement.

Global oil supply disruptions and strong demand for technology products have driven up broader energy and consumer prices.

The central bank stated that monetary policy will remain focused on returning inflation to its target range over time.

Economic output growth has slowed, while consumer spending shows signs of easing across most capital cities.

Labour market conditions have broadly eased as business investment and corporate debt levels remain strong.