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.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
by Renju Jaya
For comments and feedback: contact editorial@rttnews.com