RBA governor Philip Lowe explains why the cash rate target needed to rise again. Philip Lowe spoke at the Morgan Stanley Australia Summit today. Australia's central bank governor says the surprise hike to the cash rate target was needed this week to provide 'greater' confidence inflation will get back to target in a 'reasonable timeframe'. Yesterday, the RBA increased the cash rate target by 25 basis points to 4.1%. Economists Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $35 per user - Pay by monthly credit card debit $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $18.

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