Australia's central bank has raised its benchmark policy rates by 25 basis points to a near 1-year high of 4.1%. This follows a period of inflation above the central bank's upper limit of 3%, with concerns raised by Deputy Governor Andrew Hauser about rising inflation. The decision was in line with expectations from analysts. The Reserve Bank of Australia's projection is that inflation will only return to its 2-3% target range by the end of 2026 or in 2027, and to the midpoint of that range in 2028.