Revision History

The Reserve Bank of Australia raised its cash rate to 4.10% on March 17 in a razor-thin 5-4 vote — the second consecutive hike of 2026 — as sticky inflation, surging oil prices from the Iran war, and a tighter-than-expected labor market forced the board's hand. Governor Michele Bullock acknowledged that recession is "a possibility" if inflation proves intractable, making Australia the only major developed economy still raising rates while the Fed, ECB, and Bank of England hold steady or ease.