Australia's central bank has today raised the key interest rate to a near 12-year high to tame stubbornly high inflation.
The Reserve Bank of Australia lifted the cash rate by a quarter of a percentage point to 4.35%, its highest level since December 2011.
"Inflation in Australia has passed its peak but is still too high and is proving more persistent than expected a few months ago," Bullock said in a statement. The central bank said returning inflation to 2-3% by late 2025 is nevertheless a priority and it"will do what it is necessary" to get there.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: