RBA raises interest rate by 50bp
Move marks a total of 125bp of increases since May
Australia’s central bank has raised its benchmark interest rate by 50 basis points to curb inflation, bringing the cash rate to 1.35% – a level unseen since May 2019.
At its board meeting today (July 5), the Reserve Bank of Australia also increased the interest rate on exchange settlement balances by 50bp to 1.25%.
The latest move follows the RBA’s decisions to increase the cash rate by 25bp in May and a further 50bp in June. These were the first increases in the cash rate since 2010.
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