The Reserve Bank of Australia raised its benchmark rate for the second straight time, citing material risk that inflation will remain above target for longer than anticipated.
The policy board, governed by Michele Bullock, decided to hike the cash rate target by 25 basis points to 4.10 percent.
The decision was made by a majority vote, with five members voting to raise the rate and four seeking to leave it unchanged at 3.85 percent.
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Business News
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.