Luke speaks to Warren Hogan, Managing director of EQ Economics & economic adviser to Judo Bank, to discuss the RBA handing down its latest interest rate hike.

The Reserve Bank of Australia has announced an increase in the cash rate target and the rate paid on Exchange Settlement balances by 25 basis points each, bringing them to 3.85% and 3.75%, respectively.

This decision comes after the Board held interest rates steady last month to further assess the state of the economy and the outlook. Inflation in Australia has passed its peak but remains high at 7%, and it is expected to take a couple of years before it returns to the target range of 2-3%.

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