Australia's cash rate jumps to 2.6 pct after 6th straight increase

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Australia's cash rate jumps to 2.6 pct after 6th straight increase

STORY: Australia's cash rate jumps to 2.6 pct after 6th straight increase DATELINE: Oct. 5, 2022 LENGTH: 00:00:54 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Australia 2. shot of the Reserve Bank of Australia 3. various of Australia STORYLINE: The Reserve Bank of Australia (RBA) on Tuesday announced a rate hike for the 6th consecutive month, lifting its cash rate target by 25 basis points to 2.6 percent. Regarding inflation in Australia as "too high," RBA Governor Philip Lowe noted in a statement that a further increase in inflation is expected over the months ahead, before inflation declines back towards the 2-3 percent range. "Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role," said the governor, adding that the increase will help achieve a more sustainable balance of demand and supply. The central bank has rolled out a series of rate hikes since May, which led the i

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