Australia's central bank hiked its key interest rate by a quarter-point to a more than 10-year high and signaled more tightening to combat high inflation.
The policy board of the Reserve Bank of Australia decided to lift the cash rate target by 25 basis points to 3.60 percent. The decision was as widely expected. This was the highest rate since May 2012.
The interest rate on Exchange Settlement balances was also raised by 25 basis points to 3.50 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.