RBA expected to hike to 18-year high, fifth increase this year

The Reserve Bank of Australia is expected to raise its cash rate to an 18-year high, marking the fifth hike this year, as it battles persistent inflation. Prime Minister Albanese defended his government's cost-of-living record ahead of the decision, signaling political pressure. The hike would tighten financial conditions in Australia, potentially weighing on growth and consumer spending.

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