Australia Raises Interest Rates for First Time in 12 Years Amid Inflation Surge

Millions of already heavily indebted Australians will face higher mortgage costs, with particular hardship for those struggling with monthly budgets.

For the first time in twelve years, Australia's central bank has moved to raise borrowing costs, lifting its benchmark rate from near zero to 0.35 percent in response to inflation that has outpaced even official expectations. The decision arrives at a delicate intersection of economic necessity and political vulnerability, with a national election weeks away and millions of heavily indebted households bracing for higher mortgage payments. It is a moment that marks the quiet end of an era — one in which cheap money softened the edges of deeper structural tensions around wages, housing, and clim

Australia Raises Interest Rates for First Time in 12 Years Amid Inflation Surge

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