RBA Lifts Interest Rates Again to Fight High Inflation Despite Cost of Living Impacts
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The Reserve Bank has raised interest rates by 0.25% to 4.35%, adding $101 to monthly repayments on a $600k mortgage.
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RBA governor says inflation still too high, wants it back in 2-3% target range by end of 2025.
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Rate rise is first in 5 months, follows stronger retail spending and 1.2% lift in inflation.
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RBA says inflation still being driven by high services prices, risks of prolonged high inflation have increased.
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Treasurer says rate rise will make life harder, government focused on complementary goals of cost of living relief.