Australian central bank halts rate hike

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Australian central bank halts rate hike

STORY: Australian central bank halts rate hike DATELINE: April 5, 2023 LENGTH: 00:00:53 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Sydney 2. various of the Reserve Bank of Australia (RBA) and other banks STORYLINE: Australia's central bank, the Reserve Bank of Australia (RBA), announced on Tuesday that the cash rate target will remain unchanged at 3.60 percent and the interest rate on exchange settlement balances will also remain unchanged at 3.50 percent. The decision to leave the cash rate on hold is the first time in a year after 10 consecutive rises, which raised the interest rate by 3.5 percentage points since May last year in a bid to curb the skyrocketing inflation. According to the latest data from the Australian Bureau of Statistics, the monthly Consumer Price Index (CPI) indicator rose 6.8 percent in the 12 months to February, down from 7.4 percent annual growth in January and the peak of 8.4 percent last December. The RBA said the decision is in a bid to provide fur

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