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Reserve Bank of Australia raises cash rate to 4.85%, highest in 18 years amid inflation concerns News Reserve Bank of Australia raises cash rate to 4.85%, highest in 18 years amid inflation concerns Reserve Bank of Australia raises the cash rate to 4.85%, the highest in 18 years, amid rising inflation concerns. Reserve Bank of Australia set to raise interest rates to 18-year high amid housing market slump News Reserve Bank of Australia set to raise interest rates to 18-year high amid housing market slump Reserve Bank of Australia plans a rate hike to an 18-year high amid a housing market slump impacting homeowners and buyers.