Australian central bank hikes its interest rate for the first time in 11 years
Shortpedia
Content Team
Image Credit: APnews
Australia's central bank on Tuesday lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1 per cent to 0.35 per cent. A rise was widely expected after official data released last week showed that Australia's inflation rose to 5.1 per cent in the year through March. It is the highest annual rate since 2001, when a newly introduced 10 per cent federal consumption tax created a temporary spike.
