Reserve Bank raises rates in split decision

The Reserve Bank of Australia has raised interest rates for the second time this year, with a narrow five-to-four board vote, bringing the official cash rate to 4.1%. All major banks will pass the 0.25% increase to customers by the end of March, with another potential hike possible in May as the RBA manages inflation at 3.8%. The decision comes amid ongoing economic pressures and Middle East conflict affecting oil supplies.

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