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The Reserve Bank of Australia's board was widely expected to lift the cash rate to 4.85%, an 18-year high, after senior officials warned inflation remained too high. The market snapshot showed the Australian dollar slightly lower at 69.99 US cents and Brent futures down 8.1% to $104.34 a barrel.
A tighter Australian monetary stance supports the currency's direction against the US dollar and raises borrowing costs for Australian agribusiness and feedlot operators, while the oil move signals easing energy-driven inflation pressure.
abc.net.aubusiness reporters Emilia Terzon, Alison Branley, Stephanie ChalmersNov 2, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
