Australia raises rates to 6.5%

The Reserve Bank of Australia has increased interest rates by 25 basis points in an attempt to ward off inflation.

"For some months, the Board has recognised that stronger economic conditions were likely to put upward pressure on inflation," said Glenn Stevens, the governor of the central bank. "As a result, the Board has been of the view that further monetary policy tightening could be required."

Stevens added: "The main factors that had allowed time for further consideration were that, prior

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