Reserve Bank lifts interest rates for the first time in more than two years #abcnewsshorts

3 months ago The News Room

The Reserve Bank has lifted interest rates by 0.25 percentage points, its first increase in more than two years. This brings the new cash rate to 3.85 per cent. It’s also a sudden U-turn for the RBA, which last cut interest rates five months ago. RBA governor Michele Bullock says the rate hike was unavoidable as inflation in Australia remains too high. The RBA has revised up its forecasts for underlying inflation and doesn’t see it back in the target range of 2 to 3 per cent until June 2027. #ABCBusiness #shorts
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