Sydney (Australia), October 4 On Tuesday, the Australian Reserve Bank (RBA) raised interest rates by 0.25 percent, from 2.35 percent to 2.6 percent, in the sixth consecutive increase since May to counter the high inflation affecting the country.
“Today’s further hike in interest rates will help achieve a more sustainable balance between supply and demand in the Australian economy. This is necessary to bring inflation down,” RBA Governor Philip Lowe said in a statement. Note.
The RBA hikes seek to counteract inflation in Australia, which currently stands at 6.1% and is the highest since the early 1990s.
“This is now the sixth (increase) in many months and comments from the Governor of the Reserve Bank today indicate that even more interest rate hikes are likely,” Treasury Secretary Jim Chalmers said at a news conference in Canberra warning that the forecast of a recession in the major economies has gone from “possible” to “probable”.
According to the entity, inflation will peak at 7.75% later this year, then drop to levels above 4% in 2023 and 3% in 2024.
The RBA had previously made five consecutive increases from an all-time low of 0.1% to 0.35%, plus another four by 0.5 percentage points to 2.35% last month. EFE
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