Australia's cash rate hits 2.35 pct after 5 consecutive hikes

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Australia's cash rate hits 2.35 pct after 5 consecutive hikes

STORY: Australia's cash rate hits 2.35 pct after 5 consecutive hikes DATELINE: Sept. 8, 2022 LENGTH: 00:02:14 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of the Reserve Bank of Australia and street view in Australia 2. SOUNDBITE 1 (English): SARAH HUNTER, Partner, senior economist from KPMG 3. SOUNDBITE 2 (English): SARAH HUNTER, Partner, senior economist from KPMG 4. various of street view in Australia STORYLINE: The Reserve Bank of Australia (RBA) on Tuesday announced a rate hike for the 5th consecutive month, lifting its cash rate target by 50 basis points to a record high of 2.35 percent since 2015. "The Board is committed to returning inflation to the 2-3 percent range over time. It is seeking to do this while keeping the economy on an even keel," Governor Philip Lowe said in a statement on the monetary policy decision. Noting that inflation in Australia is at its highest level since the early 1990s and expected to increase further, the governor said more rate increases a

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