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Financial News: RBA Lifts Rate By 25 Bps For Second

RBA Lifts Rate By 25 Bps For Second Straight Time

10/31/2022 - 23:59:00 (RTTNews)

(RTTNews) - Australia's central bank raised its benchmark rate by a quarter-point for the second straight meeting.

The policy board of the Reserve Bank of Australia, headed by Governor Philip Lowe, decided to lift the cash rate target by 25 basis points to 2.85 percent from 2.60 percent.

At the October meeting, the bank had raised the rate by a smaller-than-expected 25 basis point after 50 basis points increase in each of the last four meetings.

The board has increased interest rates materially since May to establish a more sustainable balance of demand and supply in the domestic economy to help return inflation to target, the bank said in the statement.

The bank reiterated that policymakers expect to increase interest rates further over the period ahead.

The size and timing of future interest rate increases will continue to be determined by the incoming data and the Board's assessment of the outlook for inflation and the labor market.

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