Michele Bullock says higher petrol prices 'not the reason' for RBA rate hike – video

The Reserve Bank rate hike takes the cash rate target from 3.85% to 4.1%, back to where it was in February 2025, wiping out the relief offered by two cuts last year. 'Higher petrol prices will add to inflation but they’re not the reason for today’s decision. If the Middle East conflicts get worse or are not resolved soon, higher fuel costs will push inflation here even higher,' RBA governor Michele Bullock said.

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