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RBA interest rates: Bullock says ‘some pain now’ will prevent worse pain later as Reserve Bank hikes rates for fifth time

Reserve Bank of Australia increases official cash rate to 4.85%, bringing it to highest level since 2008 RBA interest rates live updates: Reserve Bank cash rate decision Get our daily political email , free app or daily news podcast The Reserve Bank governor Michele Bullock has said that “some pain now will prevent even worse pain down the track,” after lifting official interest rates to an 18-year high of 4.85% in a bid to combat persistent inflation. The RBA’s decision to hit mortgage holders