RBA lifts rates another 0.25%
The Reserve Bank has moved as expected and lifted the cash rate by .25 basis points to 2.60%.
In doing so, the RBA Governor, Philip Lowe reiterated the bank’s expectation that inflation would peak over coming months and retreat back towards the 2-3% range.
“The board is committed to returning inflation to 2-3% range over time,” his statement said. “Today’s increase in interest rates will help achieve this goal and further increases are likely in the period ahead.”
Lowe said the cash rate had been increased substantially in a short period of time and, reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia.
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