Reserve Bank of Australia raises rates

SHAFAQNA TURKEY – The Central Bank of Australia (RBA) raised its key rate by 25 basis points in line with market expectations.

In a statement made after the meeting of the RBA, which began yesterday and ended today, it was indicated that the interest rate was increased from 2.85 percent to 3.10 percent.

The RBA has raised rates by a total of 300 bps over the last 8 meetings. The RBA confirmed that its priority is to restore low inflation and bring it back to the 2-3% range. The Board has indicated that it expects further interest rate hikes in the coming period, but this will not be at a predetermined rate.

“The council closely monitors the global economy, household spending, wages and pricing. The size and timing of future rate hikes will continue to be determined based on incoming data and the Board’s assessment of inflation and labor market prospects. The Council remains committed to achieving the inflation target and will do everything necessary to achieve this.” it was said

The RBA expects growth of around 1.5 percent in 2023 and 2024.


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