Australian central bank lifts cash rate to 4.1 pct as high inflation bites

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Australian central bank lifts cash rate to 4.1 pct as high inflation bites

STORY: Australian central bank lifts cash rate to 4.1 pct as high inflation bites DATELINE: June 7, 2023 LENGTH: 00:01:15 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of the Reserve Bank of Australia 2. various of street views in Sydney, Australia 3. various of supermarket views in Sydney, Australia 4. various of banks in Sydney, Australia 5. various of the Reserve Bank of Australia STORYLINE: The Reserve Bank of Australia (RBA) on Tuesday decided to increase the cash rate target by 25 basis points to 4.10 percent, with the interest rate paid on Exchange Settlement balances also up by 25 basis points to 4 percent. This marked the fourth rate hike so far this year and also the 12th jump since the central bank started tightening the monetary policy from a record low of 0.1 percent in May last year. After a meeting of the Bank Board held on Tuesday, RBA governor Philip Lowe said in a statement that inflation in Australia has passed its peak, but 7 percent is still too high and it will

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