The Reserve Bank of Australia has raised its cash rate by 25 basis points to 4.85 percent.

The central bank's board members voted six-to-three in favour of raising the interest rate as inflation expectations had become entrenched.

It said inflation was expected to remain above 3 percent for the coming year and not expected to return to within it target band until late 2027.

The New Zealand dollar gained about a quarter of a percent against the Australian currency following the RBA's decision, trading about 0.8040 at 4:38pm NZ time.

Source: RNZ · RNZ | Te Reo Irirangi o Aotearoa

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Topic
World
Country
🇳🇿 NZ
Publisher language
EN
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