Australia raises policy rate to 4.85%, matching expectations

The signal here is less the widely anticipated hike itself than the direction of travel: Australian policy is tightening again rather than pausing, which keeps the cost of capital for rate-sensitive sectors — including tokenized yield products and AUD-denominated RWA structures — moving the wrong way. For issuers and platforms benchmarking returns against local cash rates, the bar for on-chain yield just rose. Whether this marks the end of the cycle or a continuation is the open question; the next policy communication, not this move, will carry the real information.