RBA interest rates: Reserve Bank lifts official cash rate by 50 basis points to 1.85%

Decision is fourth monthly rise in a row, as Australia's inflation rate soars beyond target range of 2% to 3%

• Follow the day's updates with our live blog
• Get our free news app, morning email briefing or daily news podcast

The Reserve Bank of Australia has lifted its key interest rate for a fourth straight month, hoisting the cash rate by 50 basis points in its fastest tightening action in almost 30 years to quell inflation.

The RBA decided to raise the cash rate to 1.85% after its monthly board meeting on Tuesday. The four rate rises bring the increase to 1.75 percentage points, or the most since 1994. Most economists had tipped the 50 basis-point jump.