Australia's central bank raises rates 50 basis points to 1.85%
Updated: 02 Aug 2022, 10:15 AM IST
TL;DR.
Wrapping up its August policy meeting, the Reserve Bank of Australia (RBA) said the hike was a further step in the normalisation of policy, dropping a previous reference to removing extraordinary stimulus.A man walks past the Reserve Bank of Australia building in the central business district of Sydney on June 7, 2022. Australia's central bank raised interest rates by a higher-than-expected half percentage point on June 7 and warned of more increases, trying to rein in significantly increased inflation. (Photo by Muhammad FAROOQ / AFP)