Australia’s central bank has lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%.
FILE - A man walks past the Reserve Bank of Australia building in Sydney, Australia on Oct. 7, 2021. Australia’s central bank on Tuesday, June 7, 2022, lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%.Australia’s central bank on Tuesday lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%.
Treasurer Jim Chalmers on Tuesday foreshadowed more rate hikes, saying inflation in Australia would worsen. “Inflation will get worse before it gets better. That’s the trajectory that we’ve inherited,” Chalmers added.put Chalmers’ center-left Labor Party in power. It has criticized the level of debt accrued by the previous conservative administration.
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