The Reserve Bank of Australia (RBA) decided to increase the cash rate target by 25bps to 3.60%. This is the 10th straight meeting that the RBA has raised rates. Taking into account today’s move, the cash rate has increased by 350bps since May 2022.
Reserve Bank of Australia's governor, Lowe, adds some more comments while speaking at the Australian Financial Review Business Summit in Sydney early Wednesday.
Reuters reported Reserve Bank of Australia's governor, Phillip Lowe said on Wednesday said it was closer to pausing its aggressive cycle of rate increases as the policy was now in the restrictive territory and there were signs the economy was responding.
The Reserve Bank of Australia (RBA) board members delivered the tenth consecutive interest rate hike in March, lifting the Official Cash Rate (OCR) by another 25 basis points (bps) from 3.35% to 3.60%, as widely expected.
The Reserve Bank of Australia (RBA) board members decided to raise its official cash rate (OCR) by another 25 basis points (bps) from 3.10% to 3.35%, as widely expected, when they met at their February 7 monetary policy meeting, the first of this year.
At its December 6 monetary policy meeting, the Reserve Bank of Australia (RBA) board members decided to raise its official cash rate (OCR) by another 25 basis points (bps) from 2.85% to 3.10%, as widely expected.
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
Philip Lowe is an Australian economist, born in Wagga Wagga, New South Wales. He is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from 2012.
Lowe on his profile and Wikipedia.
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.
