The Reserve Bank of Australia has lifted the cash rate by 0.5 percentage points for the second month in a row
That means the rate will be 1.35 per cent, up from 0.85 per cent last month.RBA governor Philip Lowe said the central bank will continue to lift rates in coming months.
"Inflation in Australia is also high, but not as high as it is in many other countries," Dr Lowe said on Tuesday. "Today's increase in interest rates is a further step in the withdrawal of the extraordinary monetary support that was put in place to help insure the Australian economy against the worst possible effects of the pandemic.
"The board expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead. "The size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labour market," he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reserve Bank of Australia lifts interest rates by 50 basis points to 1.35 per centJUST IN: The Reserve Bank of Australia has lifted the official cash rate target by another 50 basis points, taking the baseline interest rate to 1.35 per cent. MORE: 9News
Read more »
Reserve Bank of Australia lifts interest rates by 50 basis points to 1.35 per centThe Reserve Bank of Australia has lifted the official cash rate target by another 50 basis points, taking the baseline interest rate to 1.35 per cent. 9News
Read more »
Reserve Bank lifts cash rates 0.5pc to 1.35pcBREAKING: The Reserve Bank of Australia increased the official interest rate for a third consecutive month on Tuesday by 0.5 percentage points to 1.35 per cent, as it moves quickly to curb strengthening inflation.
Read more »
Reserve Bank lifts cash rates 0.5pc to 1.35pcThe RBA increased the official interest rate for a third consecutive month on Tuesday with a 0.5 percentage point rise to 1.35 per cent, as it moves quickly to curb strengthening inflation.
Read more »
Reserve Bank lifts rate to 1.35 per centAustralians already struggling with the increased cost of living pressures have been dealt a further blow, after the Reserve Bank increased the cash rate to 1.35 per cent.
Read more »
Interest rates pushed up as Reserve Bank targets high inflationThe Reserve Bank has lifted interest rates amid more signs of the inflationary pressures hitting parts of the economy.
Read more »