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MNI BRIEF: RBA Hikes 50bps, Sees Inflation At 7.75%

MNI (Sydney)
SYDNEY (MNI)

The Reserve Bank of Australia said on Tuesday it sees inflation peaking at 7.75% this year before returning to its 2% to 3% target range in 2024 as it raised interest rates by 50 basis points to 1.85%, the fourth hike in as many meetings since May.

The RBA said that while it expected to make further rate hikes it was not on a "pre-set path", and the timing and size of future increases would be guided by data and an assessment of inflation and labour market outlooks, (See: MNI STATE OF PLAY: Lower Inflation Print Could Limit RBA Hike).

MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com

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