Economic Buzz: Australia Hikes Interest Rate By 50Bps

2 Aug 2022 , 11:37 AM

Australias central bank raised its key interest rates again by 50 basis points in order to bring inflation back to the 2-3 percent target range. The policy board of the Reserve Bank of Australia decided to lift the cash rate target by 50 basis points to 1.85 percent. This was the fourth consecutive rate hike. The bank also increased the interest rate on Exchange Settlement balances by 50 basis points to 1.75 percent. Powered by Commodity Insights