The Reserve Bank of Australia increased its policy rate by 50 basis points to 0.85 percent.
The Reserve Bank of Australia increased the policy rate above expectations to fight inflation. The bank said that it is ready to do whatever it takes to contain the increasing inflation pressures.
The bank increased its policy rate by 50 basis points to 0.85 percent. Economists had expected a 25 basis point increase in interest rates.
In his statement on the decision, Reserve Bank of Australia Governor Philip Lowe said that he foresees further steps in the process of normalizing monetary conditions in Australia. Lowe said that the size and timing of future rate hikes would depend on the data.
