The Reserve Bank of Australia has lifted the official cash rate for the first time in more than 11 years in its first intervention in a federal election since John Howard lost office in late 2007.
The central bank lifted its cash rate target from the record low 0.1% it had hovered at since November 2020, during the depths of the Covid pandemic. It was raised more than expected to 0.35%, and the RBA signalled more rises to come.
