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RBA Minutes: Australia Economy Remains Resilient

Members for the Reserve Bank of Australia's Monetary Policy Board said that the country's economy continues to be resilient in the face of global uncertainties, minutes from the central bank's June 7 meeting revealed on Tuesday - most evidently in the labor market.

The members noted that inflation is rising and expected to continue to do so in the coming months, fueled by Covid-19 and the war in Ukraine.

To deal with that, the members agreed that further steps likely would be needed to normalize monetary conditions in the months ahead.

At the meeting, the RBA raised its key interest rate by a bigger-than-expected 50 basis points to 0.85 percent from 0.35 percent, which was the biggest hike since 2000, and vowed to withdraw the monetary support to bring inflation back to the target. This was the second consecutive rate hike after lifting a quarter-point in May.

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