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AAP
AAP
Business
Kaaren Morrissey

RBA sees the pain but says rates must rise

RBA Philip Lowe Inflation Reserve Bank of Australia Interest Rates Australia
RBA governor Philip Lowe justifies interest rate rises with mention of a possible recession. (Lukas Coch/AAP PHOTOS) (AAP)

Australia could risk a severe recession unless the central bank continues to act "strongly" to beat down inflation by hiking interest rates, its governor warns.

Reserve Bank of Australia chief Philip Lowe was speaking after the bank's board held its monthly meeting in Hobart on Tuesday - the first time it's met outside of Sydney since before the COVID-19 pandemic began.

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