{"id":43104,"date":"2023-06-07T08:45:18","date_gmt":"2023-06-06T20:45:18","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=43104"},"modified":"2023-06-07T08:45:18","modified_gmt":"2023-06-06T20:45:18","slug":"reserve-bank-increases-cash-rate-by-25-basis-points-westpac-lifts-rates-already","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/reserve-bank-increases-cash-rate-by-25-basis-points-westpac-lifts-rates-already\/","title":{"rendered":"Reserve Bank increases cash rate by 25 basis points – WESTPAC lifts rates already"},"content":{"rendered":"

PHOTO: Reserve Bank of Australia. FILE<\/strong><\/p>\n

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RBA decision to raise Australia\u2019s cash rate by another 25 basis points brings the official rate to 4.1%, its highest level in 11 years<\/p>\n<\/div>\n<\/div>\n

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The Reserve Bank has lifted interest rates for a 12th time in just over a year, judging the risk of inflation staying too high for too long outweighed the added financial stress that will hurt households and businesses.<\/p>\n

\"Enewsletter\"<\/a><\/div>\n
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GET & KEEP INFORMED<\/a><\/h2>\n<\/header>\n<\/div>\n

The decision to hike by another 25 basis points brings the cash rate to 4.1%, its highest level in 11 years. Economists and markets had\u00a0slightly favoured no change\u00a0for this month.<\/p>\n

\u201cInflation in Australia has passed its peak, but at 7% is still too high and it will be some time yet before it is back in the target range,\u201d the RBA governor, Philip Lowe, said in\u00a0an accompanying statement. \u201cThis further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe.\u201d<\/p>\n