Australian central bank boosts cash rate to 4.1 per cent with 12th hike

A woman walks out of the Reserve Bank of Australia in Sydney, Tuesday, June 6, 2023. Australia's central bank boosted the cash rate by a quarter of a percentage point to 4.1 percent, following a higher-than-expected 6.8% annual inflation rate for the March quarter. Australia's central bank on Tuesday lifted its benchmark interest rate for a 12th consecutive timeThe Reserve Bank of Australia boosted the cash rate by a quarter of a percentage point at its latest monthly meeting.

"This further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe," Lowe said in a statement.The bank first started jacking up interest rates in June 2022."The board will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labor market," he added.

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Australian central bank boosts cash rate to 4.1% with 12th hikeAustralia's central bank on Tuesday lifted its benchmark interest rate for a 12th consecutive time, to 4.1 per cent, and warned further rises could follow.
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