Australia raises cash rate to 4.60 percent
The Reserve Bank of Australia raised its cash rate by 25 basis points to a 15-year high of 4.60 percent. Officials noted that persistent inflation and weak domestic productivity necessitated the fourth rate hike of the year.
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Australia's central bank raised its cash rate 25 basis points to a 15-year peak of 4.60% during Tuesday morning trade. The move marks the fourth rate hike this year as policymakers battle persistent inflation pressures. Markets are currently priced for at least one more increase ahead.
