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The Independent UK

National

Rod McGuirk

Australian cash rate rises for 7th straight month to 2.85%

Australia Philip Lowe Andrew McKellar Jim Chalmers Economy

Copyright 2022 The Associated Press. All rights reserved.

Australia’s central bank boosted its benchmark interest rate on Tuesday for a seventh consecutive month to a nine-year high of 2.85%.

The Reserve Bank of Australia’s decided on a second consecutive quarter-percentage-point rise in the cash rate at its latest monthly board meeting following four consecutive half-percentage-point hikes.

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