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Australia's central bank lifts cash rate to 4.35 pct

STORY: Australia's central bank lifts cash rate to 4.35 pct SHOOTING TIME: Nov. 7, 2023 DATELINE: Nov. 8, 2023 LENGTH: 0:01:09 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Sydney Opera House 2. various of the Reserve Bank of Australia 3. various of banks STORYLINE: The Reserve Bank of Australia (RBA) on Tuesday decided to raise the cash rate target by 25 basis points to 4.35 percent, after keeping the rate on hold for four consecutive months. Following a monetary policy meeting on Tuesday, RBA Governor Michele Bullock said in a statement that the rise in interest rates was warranted to be more assured that inflation would return to target in a reasonable timeframe. According to the latest figures released by the Australian Bureau of Statistics, the Consumer Price Index (CPI) rose 1.2 percent in the September 2023 quarter, higher than the 0.8-percent rise in the June 2023 quarter, while the annual inflation eased down from 6.0 percent to 5.4 percent. Automotive fuel and

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AUSTRALIA-CENTRAL BANK-CASH RATE-RISE

(231107) -- SYDNEY, Nov. 7, 2023 (Xinhua) -- A woman walks out of the Reserve Bank of Australia in Sydney, Australia, Nov. 7, 2023. The Reserve Bank of Australia (RBA) on Tuesday decided to raise the cash rate target by 25 basis points to 4.35 percent, after keeping the rate on hold for four consecutive months. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-CENTRAL BANK-CASH RATE-RISE

(231107) -- SYDNEY, Nov. 7, 2023 (Xinhua) -- A commercial bank is pictured in Sydney, Australia, Nov. 7, 2023. The Reserve Bank of Australia (RBA) on Tuesday decided to raise the cash rate target by 25 basis points to 4.35 percent, after keeping the rate on hold for four consecutive months. (Photo by Hu Jingchen/Xinhua)

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Australia's interest rate unchanged at 4.1 pct for 3rd month

STORY: Australia's interest rate unchanged at 4.1 pct for 3rd month DATELINE: Sept. 6, 2023 LENGTH: 00:00:59 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Reserve Bank of Australia (RBA) 2. various of estate industry of Australia STORYLINE: The Reserve Bank of Australia (RBA) decided on Tuesday to leave the cash rate target unchanged at 4.1 percent, with the interest rate paid on Exchange Settlement balances staying at 4.00 percent. This marked the third straight month that RBA put the interest rate on hold from July. Wrapping up a monetary policy meeting, RBA Governor Philip Lowe noted in a statement that interest rates have been increased by 4 percentage points since May last year. "The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so. In light of this and the uncertainty surrounding the economic outlook, the Board again decided to hold interest rates steady this month," said Lowe. The

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AUSTRALIA-SYDNEY-ECONOMY-CASH RATE

(230704) -- SYDNEY, July 4, 2023 (Xinhua) -- This photo taken on July 4, 2023 shows the entrance to an office of the Reserve Bank of Australia in Sydney, Australia. The Reserve Bank of Australia (RBA), Australia's central bank, kept the cash rate unchanged at 4.1 percent on Tuesday. But it warned that further tightening policy may be required to ensure inflation returns to the 2-3 percent target range in a reasonable timeframe. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-ECONOMY-CASH RATE

(230704) -- SYDNEY, July 4, 2023 (Xinhua) -- People walk past an office of a commercial bank in Sydney, Australia, on July 4, 2023. The Reserve Bank of Australia (RBA), Australia's central bank, kept the cash rate unchanged at 4.1 percent on Tuesday. But it warned that further tightening policy may be required to ensure inflation returns to the 2-3 percent target range in a reasonable timeframe. (Photo by Hu Jingchen/Xinhua)

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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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AUSTRALIA-SYDNEY-RBA-CASH RATE-INCREASE

(230606) -- SYDNEY, June 6, 2023 (Xinhua) -- This photo taken on June 6, 2023 shows the exterior view of the Reserve Bank of Australia (RBA) in Sydney, Australia. The 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 money policy from a record low of 0.1 percent in May last year. (Photo by Hu Jingchen/Xinhua)

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Illustration: RBA

SUQIAN, CHINA - JUNE 6, 2023 - Illustration: RBA (Reserve Bank of Australia), 6 June 2023, Suqian, Jiangsu Province, China.

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Illustration: RBA

SUQIAN, CHINA - JUNE 6, 2023 - Illustration: RBA (Reserve Bank of Australia), 6 June 2023, Suqian, Jiangsu Province, China.

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Illustration: RBA

SUQIAN, CHINA - JUNE 6, 2023 - Illustration: RBA (Reserve Bank of Australia), 6 June 2023, Suqian, Jiangsu Province, China.

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Illustration: RBA

SUQIAN, CHINA - JUNE 6, 2023 - Illustration: RBA (Reserve Bank of Australia), 6 June 2023, Suqian, Jiangsu Province, China.

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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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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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AUSTRALIA-CASH RATE-UNCHANGED

(230404) -- SYDNEY, April 4, 2023 (Xinhua) -- People walk outside a bank in Sydney, Australia, April 4, 2023. 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. (Photo by Hu Jingchen/Xinhua)

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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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AUSTRALIA-SYDNEY-CASH RATE-LIFT

(230307) -- SYDNEY, March 7, 2023 (Xinhua) -- This photo taken on March 7, 2023 shows a construction site in Sydney, Australia. 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. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-CASH RATE-LIFT

(230307) -- SYDNEY, March 7, 2023 (Xinhua) -- This photo taken on March 7, 2023 shows the Reserve Bank of Australia in Sydney, Australia. 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. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-CASH RATE-LIFT

(230307) -- SYDNEY, March 7, 2023 (Xinhua) -- This photo taken on March 7, 2023 shows a view of downtown Sydney, Australia. 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. (Photo by Hu Jingchen/Xinhua)

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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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AUSTRALIA-SYDNEY-ECONOMY-CASH RATE

(230207) -- SYDNEY, Feb. 7, 2023 (Xinhua) -- This photo taken on Feb. 7, 2023 shows a bank in Sydney, Australia. 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. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-ECONOMY-CASH RATE

(230207) -- SYDNEY, Feb. 7, 2023 (Xinhua) -- This photo taken on Feb. 7, 2023 shows a bank in Sydney, Australia. 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. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-ECONOMY-CASH RATE

(230207) -- SYDNEY, Feb. 7, 2023 (Xinhua) -- This photo taken on Feb. 7, 2023 shows the Reserve Bank of Australia (RBA) in Sydney, Australia. 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. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-ECONOMY-CASH RATE

(230207) -- SYDNEY, Feb. 7, 2023 (Xinhua) -- This photo taken on Feb. 7, 2023 shows the Reserve Bank of Australia (RBA) in Sydney, Australia. 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. (Photo by Hu Jingchen/Xinhua)

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Australia's cash rate jumps to 2.6 pct after 6th straight increase

STORY: Australia's cash rate jumps to 2.6 pct after 6th straight increase DATELINE: Oct. 5, 2022 LENGTH: 00:00:54 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Australia 2. shot of the Reserve Bank of Australia 3. various of Australia STORYLINE: The Reserve Bank of Australia (RBA) on Tuesday announced a rate hike for the 6th consecutive month, lifting its cash rate target by 25 basis points to 2.6 percent. Regarding inflation in Australia as "too high," RBA Governor Philip Lowe noted in a statement that a further increase in inflation is expected over the months ahead, before inflation declines back towards the 2-3 percent range. "Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role," said the governor, adding that the increase will help achieve a more sustainable balance of demand and supply. The central bank has rolled out a series of rate hikes since May, which led the i

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AUSTRALIA-SYDNEY-CASH RATE-HIKE

(221004) -- SYDNEY, Oct. 4, 2022 (Xinhua) -- Photo taken on Oct. 4, 2022 shows the Reserve Bank of Australia (RBA) in Sydney, Australia. The RBA on Tuesday announced a rate hike for the 6th consecutive month, lifting its cash rate target by 25 basis points to 2.6 percent. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-CASH RATE-HIKE

(221004) -- SYDNEY, Oct. 4, 2022 (Xinhua) -- Photo taken on Oct. 4, 2022 shows a bank in Sydney, Australia. The Reserve Bank of Australia (RBA) on Tuesday announced a rate hike for the 6th consecutive month, lifting its cash rate target by 25 basis points to 2.6 percent. (Photo by Hu Jingchen/Xinhua)

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Australia's cash rate hits 2.35 pct after 5 consecutive hikes

STORY: Australia's cash rate hits 2.35 pct after 5 consecutive hikes DATELINE: Sept. 8, 2022 LENGTH: 00:02:14 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of the Reserve Bank of Australia and street view in Australia 2. SOUNDBITE 1 (English): SARAH HUNTER, Partner, senior economist from KPMG 3. SOUNDBITE 2 (English): SARAH HUNTER, Partner, senior economist from KPMG 4. various of street view in Australia STORYLINE: The Reserve Bank of Australia (RBA) on Tuesday announced a rate hike for the 5th consecutive month, lifting its cash rate target by 50 basis points to a record high of 2.35 percent since 2015. "The Board is committed to returning inflation to the 2-3 percent range over time. It is seeking to do this while keeping the economy on an even keel," Governor Philip Lowe said in a statement on the monetary policy decision. Noting that inflation in Australia is at its highest level since the early 1990s and expected to increase further, the governor said more rate increases a

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AUSTRALIA-SYDNEY-CASH RATE

(220906) -- SYDNEY, Sept. 6, 2022 (Xinhua) -- A pedestrian walks past the Reserve Bank of Australia in Sydney, Australia, Sept. 6, 2022. The Reserve Bank of Australia (RBA) on Tuesday announced a rate hike for the 5th consecutive month, lifting its cash rate target by 50 basis points to a record high of 2.35 percent since 2015. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-CASH RATE

(220906) -- SYDNEY, Sept. 6, 2022 (Xinhua) -- A pedestrian walks past the Reserve Bank of Australia in Sydney, Australia, Sept. 6, 2022. The Reserve Bank of Australia (RBA) on Tuesday announced a rate hike for the 5th consecutive month, lifting its cash rate target by 50 basis points to a record high of 2.35 percent since 2015. (Photo by Hu Jingchen/Xinhua)

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Australian central bank makes first-ever fourth consecutive rate rise

STORY: Australian central bank makes first-ever fourth consecutive rate rise DATELINE: Aug. 4, 2022 LENGTH: 00:01:40 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Bank of Australia 2. various of Sydney 3. SOUNDBITE (English): SARAH HUNTER, Partner and senior economist at KPMG Australia 4. various of supermarkets and gas stations in Sydney STORYLINE: Australia's central bank, the Reserve Bank of Australia (RBA), has once again lifted interest rates by 0.5 percentage points, marking the first time the bank has lifted rates for four consecutive months. On Tuesday RBA Governor Philip Lowe said the rise in interest rates was due to the "high priority" to return inflation to the 2-3 percent range. "The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments," said Lowe. "The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time." SOUNDBITE (English): SARAH HUNTE

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Australian central bank lifts interest rate by 50 bps to 0.85 pct

STORY: Australian central bank lifts interest rate by 50 bps to 0.85 pct DATELINE: June 8, 2022 LENGTH: 0:01:12 LOCATION: SYDNEY, Australia CATEGORY: ECONOMY SHOTLIST: 1. various of Sydney 2. various of Reserve Bank of Australia 3. various of markets and gas stations STORYLINE: Australia's central bank announced on Tuesday a back-to-back rate hike in two consecutive months, lifting interest rate by 0.5 percentage point to 0.85 percent in a bid to relieve the country's growing inflation. "Inflation in Australia has increased significantly. While inflation is lower than in most other advanced economies, it is higher than earlier expected," Governor of the Reserve Bank of Australia (RBA) Philip Lowe said at the monetary policy board meeting. "The size and timing of future interest rate increases will be guided by the incoming data and the board's assessment of the outlook for inflation and the labor market," he added. The increasingly aggressive push to interest rates evidenced the central bank's

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AUSTRALIA-SYDNEY-INTEREST RATE-RAISE

(220607) -- SYDNEY, June 7, 2022 (Xinhua) -- Photo taken on June 7, 2022 shows the Reserve Bank of Australia (RBA) in Sydney, Australia. Australia's central bank RBA announced on Tuesday a back-to-back rate hike in two consecutive months, lifting interest rate by 0.5 percentage point to 0.85 percent in a bid to relieve the country's growing inflation. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-SYDNEY-INTEREST RATE-RAISE

(220607) -- SYDNEY, June 7, 2022 (Xinhua) -- Photo taken on June 7, 2022 shows the Reserve Bank of Australia (RBA) in Sydney, Australia. Australia's central bank RBA announced on Tuesday a back-to-back rate hike in two consecutive months, lifting interest rate by 0.5 percentage point to 0.85 percent in a bid to relieve the country's growing inflation. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-INTEREST RATE-RAISE

(220503) -- SYDNEY, May 3, 2022 (Xinhua) -- A pedestrian walks past a bank in Sydney, Australia, on May 3, 2022. After dropping interest rates down to historic low levels during the pandemic, the Reserve Bank of Australia (RBA) has lifted interest rates by 0.25 to 0.35 percent, the first rise since 2010, in an effort to calm growing inflation. (Photo by Hu Jingchen/Xinhua)

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AUSTRALIA-INTEREST RATE-RAISE

(220503) -- SYDNEY, May 3, 2022 (Xinhua) -- People are seen in front of the Reserve Bank of Australia (RBA) in Sydney, Australia, on May 3, 2022. After dropping interest rates down to historic low levels during the pandemic, the RBA has lifted interest rates by 0.25 to 0.35 percent, the first rise since 2010, in an effort to calm growing inflation. (Photo by Hu Jingchen/Xinhua)