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The Reserve Bank of Australia (RBA) has finally lifted the cash rate, ending the era of ultra-low interest rates.<\/p>\n
The central bank made a 25 basis point increase to the cash rate target, bringing it to 0.35%.<\/p>\n
It marks the first time in 11 years there has been a hike in the official cash rate. The last time there was a cash rate increase was in November 2010.\u00a0<\/p>\n
Today’s decision comes after last week’s surprise inflation result –\u00a0according to the Australian Bureau of Statistics (ABS), the Consumer Price Index (CPI) rose 2.1% in the March 2022 quarter and 5.1% on an annual basis.<\/p>\n
In his statement, RBA governor Dr Philip Lowe confirmed there will be more interest rate rises ahead.<\/p>\n
“The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time. This will require a further lift in interest rates over the period ahead,” Dr Lowe said.<\/p>\n
“The Board will continue to closely monitor the incoming information and evolving balance of risks as it determines the timing and extent of future interest rate increases.”<\/p>\n
More to come…<\/em><\/p>\n<\/p><\/div>\n
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