Australia's central bank hiked its key interest rates by another 50 basis points but made the policy outlook more conditional despite high inflation, as economic growth is projected to slow this year and next.
The policy board of the Reserve Bank of Australia, headed by Governor Philip Lowe, decided to lift the cash rate target by 50 basis points to 1.85 percent, the highest level since April 2016. The outcome of the meeting came in line with economists' expectations. The bank has raised the benchmark rate by a cumulative 175 basis points over the last four consecutive meetings.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.