The Reserve Bank of Australia (RBA) has confirmed it is lifting the cash rate for the sixth consecutive month, with another 25 basis point increase following October’s Board meeting.
The cash rate has now surged to a nine-year high following a rapid 250 basis points increase in just 153 days, as the RBA battles to curb rising inflation.
Philip Lowe, Governor of the Reserve Bank of Australia, said the RBA was committed to returning inflation to the 2-3% range over time.
“Today’s increase in interest rates will help achieve this goal and further increases are likely to be required over the period ahead,” Mr Lowe said. “The cash rate has been increased substantially in a short period of time. Reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia.”
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