RBA resumes rate hikes to curb sticky inflation

The Reserve Bank of Australia
Photo: RBA

The Reserve Bank of Australia (RBA) raised its benchmark interest rate today (November 7) by 25 basis points, in a move widely expected by observers.

The move comes two days after a cabinet minister confirmed the Labor government would introduce a law making significant changes to the RBA’s governance.

The central bank’s eight-member board decided to lift the cash rate target to 4.35%, the highest level since November 2011. The central bank has raised rates by 420bp since May 2022.


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