Australia’s central bank lifted its benchmark interest rate Tuesday for the first time since June with a quarter percentage point hike that brought the cash rate to a 12-year high of 4.35%.
The Reserve Bank of Australia’s hike, its 13th since May 2022, was widely expected after the nation’s inflation for the September quarter was higher than expected at 1.2%, or 5.4% for the year, driven mainly by the price of gasoline.
