Australia hikes rates again

reserve-bank-of-australia

The Reserve Bank of Australia raised its cash rate to 3.5% on Tuesday, declaring that global growth has resumed. The rate increase, which comes on the heels of an identical move in October, hints at worries from the central bank that inflationary pressures, fuelled by a housing bubble, could set in.

Glenn Stevens, the central bank's governor, said in a statement that economic conditions in Australia had made a stronger than expected recovery. "With the risk of serious economic contraction in Aus

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