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AAP
AAP
Business
Colin Brinsden, AAP Economics and Business Correspondent

RBA hike due to 'significant' inflation

Reserve Bank of Australia Philip Lowe Australia
The Reserve Bank of Australia board has raised the cash rate to 0.85 per cent. (AAP)

The Reserve Bank of Australia has raised the cash rate by the biggest margin in one go since February 2000 as it tries to rein in ballooning inflation.

The RBA raised the cash rate by 50 basis points to 0.85 per at its board meeting on Tuesday, the second consecutive monthly increase and larger than most economists had been anticipating.

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