Australia opts for rate rise

The Reserve Bank of Australia's rate-setting board voted on Wednesday to hike rates by 25 basis points to 6.75%, an 11-year high.

The hike was widely expected after central bank data revealed inflation in the three months to September had rose by the highest margin since June 1991.

Glenn Stevens, the governor of the Reserve Bank, said on Wednesday that both headline and underlying inflation will be above the central bank's 2% to 3% target by the March next year and that growth in aggregate de

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