Australia's central bank resumes rate hike after one-off pause in April

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Australia's central bank resumes rate hike after one-off pause in April

STORY: Australia's central bank resumes rate hike after one-off pause in April DATELINE: May 3, 2023 LENGTH: 00:01:00 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Reserve Bank of Australia 2. various of customers shopping at supermarkets 3. various of banks in Sydney STORYLINE: After keeping the interest rate on hold last month, the Reserve Bank of Australia (RBA) on Tuesday announced the decision to lift the cash rate target by 25 basis points to 3.85 percent, with the rate paid on Exchange Settlement balances also up by 25 basis points to 3.75 percent. It marks the 11th increase handed down by the central bank in the space of a year. The newly-updated interest rate also hit its highest level since it was cut to 3.75 percent in May 2012. After a board meeting, RBA Governor Philip Lowe said in a statement that inflation in Australia has passed its peak, but at 7 percent is still too high and it will be some time yet before it is back in the 2-3 percent target range. "Giv

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