RBA resumes rate hikes to curb sticky inflation
Australian government confirms it will make significant changes to central bank’s governance
The Reserve Bank of Australia (RBA) raised its benchmark interest rate today (November 7) by 25 basis points, in a move widely expected by observers.
The move comes two days after a cabinet minister confirmed the Labor government would introduce a law making significant changes to the RBA’s governance.
The central bank’s eight-member board decided to lift the cash rate target to 4.35%, the highest level since November 2011. The central bank has raised rates by 420bp since May 2022.
The
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