Economic Buzz: Australia Raises Key Rate By 50Bps

5 Jul 2022 , 11:12 AM

Australias central bank hiked its key interest rate by half percentage points, as widely expected citing the resilience of the economy and higher inflation. The policy board of the Reserve Bank of Australia decided to lift the cash rate target by 50 basis points to 1.35 percent from 0.85 percent. This was the third consecutive rate hike after lifting 50 basis points in June. The bank also increased the interest rate on Exchange Settlement balances by 50 basis points to 1.25 percent. Powered by Commodity Insights