Australia keeps benchmark rate unchanged

As widely expected, the Reserve Bank of Australia left its overnight cash rate target unchanged on Wednesday at an 11-year high of 6.5%. The central bank had previously raised borrowing costs on 8 August, the first move since November last year.

The central bank's forecast is for underlying inflation to rise to 3%, which is the top of its target band, by the end of this year. The inflation rate, excluding volatile items, was 2.7% in the second quarter.

Last week the deputy governor, Ric Battell

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