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The Reserve Bank has effectively declared the end of Australia’s rate-cut cycle — the shallowest and shortest on record. Economists say the RBA held back on aggressive hikes compared with other countries, deliberately aiming to curb inflation without driving unemployment higher. That strategy worked, but now the payback is emerging in long-term market rates, with 10-year government bond yields surging instead of falling. Subscribe: http://ab.co/1svxLVE ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC NEWS, click here: https://ab.co/2kxYCZY Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2 Like ABC NEWS on Facebook: / abcnews.au Follow ABC NEWS on Instagram: / abcnews_au Follow ABC NEWS on X (Twitter): / abcnews Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia