15year

Reserve Bank of Australia lifts benchmark rate to 4.6 percent amid stubborn inflation.

Australia’s central bank has raised interest rates to a 15-year high, spelling higher mortgage payments for millions of Australian households.

The Reserve Bank of Australia (RBA) on Tuesday lifted the benchmark rate by 0.25 percent to 4.6 percent, its highest since 2011.

The RBA said inflation remained elevated and that previously flagged “upside risks” had materialised, including higher energy prices due to the United States-Israel war on Iran and rising tech costs.

“There continue to be heightened uncertainties about the outlook for domestic economic activity and inflation,” the bank’s monetary board said in a statement.

“The Middle East conflict remains unresolved, and there are scenarios where inflation is higher and activity lower than forecast,” it said.

“Global oil supply disruptions are maintaining upward pressure on global and domestic energy prices and inflation. A period of prolonged uncertainty may also cause growth to be lower overseas and in Australia.”

Australia’s annual rate of inflation stood at 3.5 percent in July, well above the central bank’s 2–3 percent target.

Central banks typically raise their benchmark interest rate when policymakers believe prices are rising too fast.

Higher interest rates raise the cost of borrowing, including mortgages, cooling consumer demand and bringing down inflation.

The latest hike is set to heap further strain on Australian households already grappling with three previous increases this year.

In a research report earlier this month, Roy Morgan said nearly one-third of Australian mortgage holders, or nearly 1.8 million people, were at risk of “mortgage stress” – where households spend 25-45 percent of after-tax income on payments – as of July.

Australia’s Treasurer Jim Chalmers, who is not responsible for setting interest rates, acknowledged that the hike would mean greater hardship for many Australians.

“We know a lot of Australians are under pressure and this will make things harder,” Chalmers said in a post on X.

“Inflation and interest rates are going up around the world but we know that doesn’t take the sting out of today’s decision.”

Chalmers said the government would take responsibility for “our part of the fight against inflation”.

“That means continuing to manage the budget responsibly, rolling out tax cuts and cost of living help, and addressing the longer term challenges in our economy in an uncertain global environment,” he said.

Nneka Ogwumike answered the same question she’s been facing for almost two months.

Why now? Why leave the WNBA when she still leads the Sparks in scoring and rebounding, has played a central role in helping the league negotiate a transformative new collective bargaining agreement and returned to the city where her pro career began?

Ogwumike is at peace with her decision. And when she steps onto the court in a Sparks jersey for the last time Thursday, she will do it without regrets.

“I’m mostly grateful,” Ogwumike said. “I haven’t really been thinking much else besides just being grateful for the opportunity to have had a 15-year career in the WNBA and also to finish in a Sparks jersey.”

There is a lot for which to be grateful.

Ogwumike entered the WNBA as the No. 1 overall pick of the Sparks in 2012. Now, 15 seasons later, she is leaving the league as one of its most accomplished players — and as the most prolific scorer in Sparks history.

Sparks forward Nneka Ogwumike, left, tries to drive past Lynx forward Napheesa Collier during a game in Minneapolis.

(Matt Krohn / Getty Images)

“It feels freeing,” Ogwumike said of her decision to retire. “It feels like there’s a level of autonomy that I’m able to have, and I’m very happy about that.”

The numbers only begin to tell the story.

Ogwumike was rookie of the year after averaging 14 points and 7.5 rebounds per game. Four years later, she produced the best season of her career, averaging 19.7 points per game, winning MVP and leading the Sparks to their third WNBA championship.

She spent 12 seasons with the Sparks before leaving for Seattle, then returned to Los Angeles this season to finish her career.

Along the way, she established herself among the most productive players in league history. Ogwumike will finish her career fourth all-time in scoring with 8,013 points, behind Diana Taurasi, Tina Charles and DeWanna Bonner. She is third all-time in rebounds with 3,571 and third in steals with 716.

And on July 17, she added one more piece of history to the résumé, passing Lisa Leslie to become the Sparks’ all-time leading scorer.

Sisters Chiney, left, and Nneka Ogwumike pose for a photo at the Bird’s Eye View After Party during WNBA All-Star weekend.

(Daniel Boczarski / Getty Images for Vox Media)

“This is where it all started [for me],” Ogwumike said. “So very happy to be able to share this time, both the beginning and the end of my career in L.A., and I had a majority of my career playing for this organization, so it really does mean a lot to be able to finish in it as well.”

The return, however, did not unfold quite the way Ogwumike or the Sparks had envisioned.

Los Angeles entered the season with playoff expectations after bringing Ogwumike back, signing Erica Wheeler and trading for Ariel Atkins. The Sparks had not made the postseason since 2020, and the hope was that Ogwumike’s return could help change that.

Instead, the season became a struggle. The Sparks will finish 10 games out of a playoff spot, leaving Ogwumike’s final games less about a postseason push and more about what she could leave behind.

“The season is not at all what I expected, but it doesn’t mean that I can’t come out here to do my job and try and be great, and be great as a result,” Ogwumike said. “And as always, playing with my teammates as well.”

That has meant spending time with the young players who will carry the Sparks forward after she is gone.

Sparks coach Lynne Roberts and Nneka Ogwumike talk on the sideline during a win over the Indiana Fever in July.

(Katelyn Mulcahy / Getty Images)

Ogwumike has particularly focused on Cameron Brink, the young forward who represents a significant part of the organization’s future.

“I think right now I’m really spending a lot of my time trying to pour into Cam as well,” Ogwumike told reporters this week. “I really do think that she’s the future of the league. … I’m happy to be able to leave whatever I can before I throw my feet up.”

It is a fitting final role for a player whose career has stretched across generations of the WNBA.

“She’s poured into me since I got into the league,” Dream forward Angel Reese said in August. “Kind of like one of my first vets, always being there for me, always texting me, and also really like educating me on the things that were going on, knowing that it was a big CBA coming up.”

Her final contribution might not be something that appears in a box score. It might be what she passes on.

“She’ll be missed,” said Valkyries forward Gabby Williams, who played with Ogwumike in Seattle the previous two seasons. “As a friend, but also as a fan. I’ll miss watching her in the W.”

Williams knows what Ogwumike’s career has meant to the league, but she also understands what comes next.

“I’m really happy for her,” Williams said. “Happy she gets to take that next step. I know what it means to her. I’m glad her last year was pivotal for the CBA and she’ll always have her name written on that.”

Ogwumike, though, isn’t spending much time looking backward.

She hasn’t thought about what her final moments in the WNBA will feel like, only the gratefulness she feels to have had her 15-year career.

“I haven’t,” Ogwumike said when asked if she has thought about her last moments in the league. “Still just focused on playing.”