The Reserve Bank of Australia (the central bank) raised its benchmark interest rate today, Tuesday, for the twelfth consecutive time to 4.1 percent, warning of further potential hikes.
The Reserve Bank raised interest rates by a quarter of a percentage point at its last monthly meeting after higher-than-expected annual inflation of 6.8 percent in January-March this year.
“It will take time for inflation to return to the target range of 2 to 3 percent,” Gov. Philip Lowe said.
Noting that there may be a need for such increases in the future, he said: “We will continue to pay close attention to the development of the global economy, household spending trends, inflationary expectations and the labor market.”
The Australian Central Bank first began raising interest rates in June 2022.
Source: AB
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