The Reserve Bank of Australia has hiked the interest rate for a seventh consecutive month.
Tuesday’s announcement by the central bank’s board marks the seventh consecutive monthly hike, which has seen rates rise from an historic low of 0.10 per cent.
Tuesday’s announcement by the central bank’s board marks the seventh consecutive monthly hike, which has seen rates rise from an historic low of 0.10 per cent. Picture: Getty “Economic growth is expected to moderate over the year ahead as the global economy slows, the bounce-back in spending on services runs its course, and growth in household consumption slows due to tighter financial conditions.
It jumped more than one percentage point to 7.3 per cent year-on-year in September with a sharp rise in the cost of food – sitting at 3.3 per cent – one of the major contributors to rising inflation. He labelled inflation “the dragon we need to slay” in remarks to the National Press Club on the Wednesday after handing down the Budget.
“An indiscriminate sprang of cash would have made our inflation challenge more profound and more prolonged and ultimately more painful.”
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