Australia's central bank raised its key interest rate by half a percentage point on Tuesday, which was the biggest hike since 2000, and vowed to withdraw the monetary support to bring inflation back to the target.
The policy board of the Reserve Bank of Australia, headed by Governor Philip Lowe, decided to lift the cash rate target by a bigger-than-expected 50 basis points to 0.85 percent from 0.35 percent.
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Business News
April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.