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

The Reserve Bank of Australia boosted the cash rate by a quarter of a percentage point at its latest monthly meeting. That followed a higher-than-expected 6.8 per cent annual inflation rate reported for the January-March quarter.Reserve Bank Governor Philip Lowe said it would take time for inflation to fall to the target range of 2 per cent to 3 per cent.

"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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