Australian cash rate hits record-high 3.6 pct since May 2012

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Australian cash rate hits record-high 3.6 pct since May 2012

STORY: Australian cash rate hits record-high 3.6 pct since May 2012 DATELINE: March 8, 2023 LENGTH: 00:00:49 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Sydney 2. various of the Reserve Bank of Australia STORYLINE: The Reserve Bank of Australia (RBA) has decided to lift the cash rate target by 25 basis points to 3.6 percent, while the interest rate on Exchange Settlement balances jumped by 25 basis points to 3.5 percent. This is the 10th consecutive rate hike since May of last year when the RBA announced the first 25-basis-point increase. The central bank's new decision for a 25-basis-point lift also took the cash rate to its highest level since May 2012. Following an RBA board meeting on Tuesday, the bank's Governor Philip Lowe said in a statement that high inflation makes life difficult for people and damages the functioning of the economy. "And if high inflation were to become entrenched in people's expectations, it would be very costly to reduce later, involving even higher

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