Australian central bank lifts cash rate to 3.35 pct

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Australian central bank lifts cash rate to 3.35 pct

STORY: Australian central bank lifts cash rate to 3.35 pct DATELINE: Feb. 8, 2023 LENGTH: 00:00:46 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of banks in Sydney 2. various of Sydney views STORYLINE: The Reserve Bank of Australia (RBA) on Tuesday increased the cash rate target by 25 basis points to 3.35 percent, delivering a ninth straight hike since the central bank began raising rates in May last year. The RBA also lifted the interest rate on Exchange Settlement balances by 25 basis points to 3.25 percent. RBA Governor Philip Lowe said in a statement that in Australia, CPI inflation over the year to the December quarter was 7.8 percent, the highest since 1990, while in underlying terms, inflation was 6.9 percent, which was higher than expected. "Global factors explain much of this high inflation, but strong domestic demand is adding to the inflationary pressures in a number of areas of the economy," said the governor. According to the statement, the central bank's f

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