RBA interest rates decision: Reserve Bank increases cash rate to 3.85% in blow to mortgage holders
by Jonathan Barrett and Patrick Commins from World news | The Guardian on (#739NP)
Shortest rate-cutting cycle in the RBA's modern history ends after unexpected jump in inflation
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The Reserve Bank has hiked rates for the first time in more than two years, and signalled there could be more to come, with mortgage holders to bear the brunt of dealing with a sharp and unexpected jump in inflation.
The RBA monetary policy board announced on Tuesday at the end of its two-day meeting that the cash rate target would lift to 3.85%, from 3.6%, raising borrowing costs.
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