RBA hikes interest rate to nine-year high
Governor Philip Lowe signals more rate rises amid highest inflation in 32 years
The Reserve Bank of Australia’s board has raised its policy rate to the highest level since April 2013, after inflation hit a 32-year high.
The 0.25 basis points rise – RBA’s seventh consecutive hike since May – pushed the rate to 2.85%. Year-on-year consumer price inflation rose to 7.3% in the third quarter, the highest level since 1990, up from 6.1% in the previous quarter.
Governor Philip Lowe said in a statement that the RBA board expects to increase rates further. Both global factors and
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