Australian central bank hikes rate for 2nd time in 5 weeks amid inflation

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Australian central bank hikes rate for 2nd time in 5 weeks amid inflation

Australia’s central bank on Tuesday lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%

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Reserve Bank of Australia | Australia economy | Australia

PRI ECO GEN INT .CANBERRA FGN24 AUS-ECONOMY Australian central bank hikes rate for 2nd time in 5 weeks Canberra, Jun 7 (AP )Australia’s central bank on Tuesday lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%. When the Reserve Bank of Australia’s lifted the rate by a quarter percentage point at its last monthly board meeting on May 3, it was the first rate hike in more than 11 years. An increase was widely expected after official data released in April showed that Australia’s inflation rose to 5.1% in the year through March. It is the highest annual rate since 2001, when a newly introduced 10% federal consumption tax created a temporary spike. Treasurer Jim Chalmers on Tuesday foreshadowed more rate hikes, saying inflation in Australia would worsen. (AP) AMS AMS 06071035 NNNN

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, June 07 2022. 11:54 IST

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