RBA raises interest rate by another 50bp

Reserve Bank of Australia
Photo: Alex Towle

Australia’s central bank today (August 2) lifted its benchmark interest rate for a fourth straight month to fight inflation, but signalled flexibility in its future policy decisions.

The Reserve Bank of Australia raised its cash rate by 50 basis points to 1.85%, the highest level since May 2016. The move marks the central bank’s third 50bp hike in a row.

“Today’s increase in interest rates is a further step in the normalisation of monetary conditions in Australia,” said RBA governor Philip

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