The Reserve Bank of Australia (RBA) has lifted official interest rates for the second time this year as it struggles to bring inflation under control, saying inflation is “likely to remain above target for some time”.
But it was a split decision, with five members of the RBA board voting for a hike against four who preferred to hold steady.
With the lift in the cash rate target by 25 basis points to 4.1%, two of the three cuts made last year have now been reversed.
