Australian central bank hikes rate for 2nd time in 5 weeks amid inflation

Australia's central bank on Tuesday lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%

Australia's RBA holds rates, puts easing on table
Press Trust of India
1 min read Last Updated : Jun 07 2022 | 11:54 AM IST

PRI ECO GEN INT .CANBERRA FGN24 AUS-ECONOMY Australian central bank hikes rate for 2nd time in 5 weeks Canberra, Jun 7 (AP )Australia's central bank on Tuesday lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%. When the Reserve Bank of Australia's lifted the rate by a quarter percentage point at its last monthly board meeting on May 3, it was the first rate hike in more than 11 years. An increase was widely expected after official data released in April showed that Australia's inflation rose to 5.1% in the year through March. It is the highest annual rate since 2001, when a newly introduced 10% federal consumption tax created a temporary spike. Treasurer Jim Chalmers on Tuesday foreshadowed more rate hikes, saying inflation in Australia would worsen. (AP) AMS AMS 06071035 NNNN

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Reserve Bank of AustraliaAustralia economyAustralia

First Published: Jun 07 2022 | 11:54 AM IST

Next Story