The Reserve Bank increases interest rates by 50 basis points, taking the cash rate target to 0.85 per cent — well ahead of most economists' expectations.
The Reserve Bank has increased interest rates with a 50-basis-points or half a percentage point hike, taking the cash rate target to 0.85 per cent — well ahead of most economists' expectations.
It marked the first rate rise in 11 years — since November 2010 — and forecasts are that the cash rate could hit 2.5 per cent by the end of next year. Annual inflation increased to 5.1 per cent in the March quarter, driven by higher housing construction costs and fuel prices.
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 lifts interest rates for second time in two monthsRBA governor Philip Lowe announced a 0.5 percentage point increase in the cash rate to a higher than expected 0.85 per cent.
Read more »
Reserve Bank lifts interest rates for second time in two monthsBreaking: The Reserve Bank has lifted the official interest rate to 0.85 per cent, the second increase in as many months | rachelclun
Read more »
Reserve Bank will lift rates amid cost-of-living pressures, but by how much?Jim Chalmers said the cost-of-living squeeze was worse than the March budget forecast, leading to speculation the RBA could raise rates even higher than markets are tipping.
Read more »
Reserve Bank set to raise interest rates again | 7NEWSThe Reserve Bank is set to raise interest rates again, but the big question is by how much.Subscribe to 7NEWS Australia for the latest breaking news video » ...
Read more »
Reserve Bank will lift rates amid cost-of-living pressures, but by how much?The Reserve Bank could lift rates even higher than tipped on Tuesday after Treasurer Jim Chalmers said inflation was worse than the March budget forecast as prices for essentials, including food and petrol, continue to rise | rachelclun
Read more »
Israeli coalition dealt a blow with loss of West Bank settler law voteTwo members of government vote against extending emergency regulations, which give 475,000 Jewish settlers the same rights as citizens in Israel
Read more »