Australia's central bank is likely to raise interest rates for the fifth time this year in a bid to curb inflation. The country's inflation level remains high among developed economies.
Most economists expect the nine-member board of the Reserve Bank of Australia to lift the cash rate by 25 basis points to 4.85%, marking an 18-year high.
The RBA's target inflation range is 2% to 3%, yet inflation has stayed above the upper bound of that range for an extended period, which could erode the central bank's hard-won credibility.
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