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The Reserve Bank of Australia raised the cash rate by 25bps to 3.1% at its final meeting of 2022, matching market forecasts. The move marked the eighth straight rate hike, taking borrowing costs to a level not seen since November 2012, with the board flagging more rate hikes ahead as inflation in Australia is too high. Tuesday's widely anticipated decision takes the central bank's cumulative hikes since May to 3 percentage points, the sharpest annual tightening since 1989. The committee reiterated the policy rate was not on a pre-set course, as the size and timing of future rate increases will continue to be determined by the incoming data. The board added inflation in Australia would peak around 8% this year before easing in 2023 and reaching a little above 3% in 2024. Policymakers reaffirmed their commitment to bring inflation to target levels and will do what is necessary to achieve that. The RBA also increased the interest rate on Exchange Settlement balances by 25bps to 3.0%.