RBA raises interest rate to seven-year high
Governor Philip Lowe acknowledges impact of rate hikes on people’s spending
The Australian central bank today (September 6) raised its benchmark interest rate for the fifth consecutive month to contain inflation, taking the cash rate to 2.35% – the highest level since February 2015.
The Reserve Bank of Australia’s widely expected 50 basis point hike was the fourth increase of that size in a row.
The nine-member RBA board also lifted the interest rate on exchange settlement balances by 50bp to 2.25%. The balances are used by payment providers to settle payments.
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