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The Reserve Bank of Australia (RBA) increased the official cash rate by 50 basis points to 0.85% at today’s board meeting.
The move was widely expected, as the RBA had previously signaled it intended to make several interest rate rises in the near future, to combat rising inflation.
‘Core’ inflation, which is currently 3.7%, is forecast to reach 4.6% by the December quarter – well above the RBA’s 2-3% target.
Regards,
Declan Hanratty
0409 089 456
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3/178b Gooch Street
THORNBURY VIC 3071
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Australian Credit Licence No. 383120
383120
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