The Reserve Bank of Australia (RBA) has increased its cash rate by 25 basis points to 2.60%.Financial markets had expected the RBA to lift the cash rate by 50 basis points.The RBA says it's committed to returning inflation to its 2% to 3% target range over time. Over the 12 months to the June 2022 quarter, Australia's Consumer Price Index (CPI) rose 6.1%. The RBA says its central forecast is for CPI inflation to be around 7.75% over 2022, a little above 4% over 2023 and around 3% over 2024."The cash rate has been increased substantially in a short period of time.

https://www.interest.co.nz/bonds/117868/reserve-bank-australia-lifts-cash-rate-25-basis-points-it-assesses-outlook-inflation

#interest