“The board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that,” he said in a statement.īut Lowe also said there were indications that inflation had peaked in Australia. Reserve Bank Governor Philip Lowe warned there would likely be further rate hikes. The bank has an inflation target range of between 2% and 3%. The bank has been trying to counter inflation, which came in at a hotter-than-expected 7.8% in the December quarter, its highest level since 1990.
The increase will put more pressure on homeowners, with many already paying out hundreds of dollars each month more on their mortgages than they were a year ago.
It was the 10th rate rise in a row by the Reserve Bank of Australia, bringing the rate to its highest point in 11 years.
Business & Finance Click to expand menu.ĬANBERRA, Australia (AP) - Australia’s central bank increased its benchmark interest rate by another quarter-point to 3.6% Tuesday as it continues trying to tame inflation.
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