Australian central bank makes first-ever fourth consecutive rate rise

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Australian central bank makes first-ever fourth consecutive rate rise

STORY: Australian central bank makes first-ever fourth consecutive rate rise DATELINE: Aug. 4, 2022 LENGTH: 00:01:40 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Bank of Australia 2. various of Sydney 3. SOUNDBITE (English): SARAH HUNTER, Partner and senior economist at KPMG Australia 4. various of supermarkets and gas stations in Sydney STORYLINE: Australia's central bank, the Reserve Bank of Australia (RBA), has once again lifted interest rates by 0.5 percentage points, marking the first time the bank has lifted rates for four consecutive months. On Tuesday RBA Governor Philip Lowe said the rise in interest rates was due to the "high priority" to return inflation to the 2-3 percent range. "The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments," said Lowe. "The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time." SOUNDBITE (English): SARAH HUNTE

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