RBA raises cash rate to 4.85% on majority vote

The split vote is the signal worth noting: a 6–3 decision means the case for holding is no longer marginal, even as the majority judged inflation broad enough to require another move. The more consequential detail is the forecast path — inflation staying high through most of 2027 and only re-entering the target band later that year implies a long stretch of restrictive policy rather than a near-term pivot. Whether that three-member dissent grows at coming meetings is the open question.