Australia's Reserve Bank raises interest rates to 4.85%, highest since 2008
The Reserve Bank of Australia raised its official cash rate to 4.85 percent on November 2, 2026, marking the highest level in 18 years, according to ABC News Australia. Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock both responded publicly to the decision. ABC News coverage also includes analysis of the impact on mortgage repayments and commentary from KPMG Chief Economist Brendan Rynne.
✓ Verified
- ✓Reserve Bank of Australia raised the official cash rate to 4.85 percent. (Source: ABC News Australia)
- ✓This is the highest level since 2008. (Source: ABC News Australia)
- ✓Michele Bullock is the RBA governor. (Source: ABC News Australia)
- ✓Jim Chalmers is the Treasurer. (Source: ABC News Australia)
~ Interpretation
- ~The move directly affects Australian mortgage holders. (Source: ABC News Australia video description references 'Impact on mortgage')
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