Australian central bank leaves benchmark cash rate at 4.1%, warns of hikes ...Middle East

Australia's central bank left its benchmark interest rate at 4.1% at a policy meeting Tuesday after inflation fell to 5.6% in May from 6.5% a month earlier. The Reserve Bank has lifted the cash rate 12 times since May last year to reduce inflation to a target range of 2% to 3%. Higher interest rates raise the cost of borrowing for both businesses and consumers, slowing economic activity and helping to relieve price pressures that have flared after the slowdowns of the COVID-19 pandemic. Bank governor Philip Lowe said there might need to be further rises. Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable time-frame, but that

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Last updated : 04 July 2023 clock 10:48 AM

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Australian central bank leaves benchmark cash rate at 4.1%, warns of hikes ...Middle East

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