Australia's Reserve Bank is taking a crack at inflation - lifting the country's cash rate for the first time since June.

It's up 25 basis points to 4.35 percent.

Correspondent Murray Olds says inflation was cooling at 5.4 percent- but spiked in the September quarter.

"That's because rents are rising very quickly on the back of high immigration numbers, we've got petrol spiking because of international conflict."

New Zealand's Reserve Bank is set to review the OCR on November 29,  which is currently on hold at 5.5 percent.

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