Australian central bank lifts interest rate by 50 bps to 0.85 pct

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Australian central bank lifts interest rate by 50 bps to 0.85 pct

STORY: Australian central bank lifts interest rate by 50 bps to 0.85 pct DATELINE: June 8, 2022 LENGTH: 0:01:12 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Sydney 2. various of Reserve Bank of Australia 3. various of markets and gas stations STORYLINE: Australia's central bank announced on Tuesday a back-to-back rate hike in two consecutive months, lifting interest rate by 0.5 percentage point to 0.85 percent in a bid to relieve the country's growing inflation. "Inflation in Australia has increased significantly. While inflation is lower than in most other advanced economies, it is higher than earlier expected," Governor of the Reserve Bank of Australia (RBA) Philip Lowe said at the monetary policy board meeting. "The size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labor market," he added. The increasingly aggressive push to interest rates evidenced the central bank's

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