Australia hikes rates in surprise move

reserve-bank-of-australia

The Reserve Bank of Australia shocked markets on Tuesday after it became the first G20 country to hike rates since the start of the crisis.

Analysts had expected the central bank to raise rates in the coming quarters, with several expecting a hike near the turn of the year, after relatively bullish noises from the monetary authority over recent months. However, Tuesday's move caught almost all off guard.

The quarter-point hike, which comes into force on Wednesday, brings the benchmark cash rate

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