RBA raises interest rates 0.25%

The Reserve Bank of Australia raised interest rates to a 5-year high of 5.75% on Wednesday 3 May. "The Board judged at its May meeting that inflationary risks had increased sufficiently to warrant an increase in the cash rate," RBA governor Ian Macfarlane said in a statement on the RBA's website.

Following a decision taken by the Board at its meeting yesterday, the Bank will be operating in the money market this morning to increase the cash rate by 25 basis points, to 5.75 per cent.


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