According to CNBC, the Reserve Bank of Australia raised its benchmark cash rate by 25 basis points to 4.85% on Tuesday, its fifth increase this year and the highest level since November 2008. The move was in line with economists’ expectations and followed three consecutive meetings with rate increases. Inflation rose to 4.3% in September from 4% in August. RBA Governor Michele Bullock said inflation remained too high and indicated the bank could raise rates further if needed to bring it down.