RBA hikes for first time in over 10 years

Philip Lowe
Philip Lowe
Photo: Crawford Forum/Flickr

The Reserve Bank of Australia raised its main interest rate by 25 basis points today (May 3), its first rate hike in more than 10 years.

In a statement announcing the decision, governor Philip Lowe said inflation had risen by more than expected, hitting 5.1% in March. Although he said “global factors” were the main driver, he added that the domestic economy is increasingly facing “capacity constraints”, which are causing inflationary pressures to broaden.

“Firms in a range of industries are

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