Australian central bank boosts cash rate to 4.1% with 12th hike
Australia’s central bank has lifted its benchmark interest rate for a 12th consecutive time to 4.1% and warned further rises could follow
By AP News
Published - Jun 06, 2023, 02:15 AM ET
Last Updated - Jun 21, 2023, 12:35 PM EDT
CANBERRA, Australia: (AP) — Australia’s central bank on Tuesday lifted its benchmark interest rate for a 12th consecutive time, to 4.1%, and warned further rises could follow.
The Reserve Bank of Australia boosted the cash rate by a quarter of a percentage point at its latest monthly meeting. That followed a higher-than-expected 6.8% annual inflation rate reported for the January-March quarter.
Reserve Bank Governor Philip Lowe said it would take time for inflation to fall to the target range of 2% to 3%.
“This further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe,” Lowe said in a statement.
