The Reserve Bank has raised interest rates by 50 basis points at its monthly meeting today, and it says more rate rises are likely until inflation peaks later this year.
Sky News Business Editor Ross Greenwood said the RBA wants to change behaviour to bring inflation down and under control.
“And that means curbing the spending of households who for the past five months have been at record levels,” he told Sky News Australia. He said the interest rate has been hiked up by 50 basis points at the RBA’s meeting on Tuesday, hitting 1.35 per cent.
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