RBA hikes cash rate target by 50bp
Further rate increases are expected to cool inflation.
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Australia’s central bank has hiked its cash rate target as expected by 50 basis points, to keep a lid on inflation - exacerbated by the Covid-19 pandemic and Russia’s invasion of Ukraine.
The RBA’s cash rate target now sits at 1.35%, and followed a 50bp hike in June, and a 25bp rise in May.
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