These numbers have a real impact in the real world, on real people. The governor suggested another increase that would take the cash rate to a 15-year high of 4.6 per cent may be necessary. “The (RBA) board is prepared to act as required to achieve its mandate, including by increasing the cash rate further if needed,” she said. Nonetheless, the annual pace of headline inflation has now been above the RBA’s 2-3 per cent target for 11 straight months. This was targeted by shadow treasurer Tim Wilson, who said the Albanese Government’s “spending addiction risks higher interest rates”.