Free Trial

MNI BRIEF: RBA Hikes 50bps, Says "Further Steps" To Come

MNI (Sydney)
SYDNEY (MNI)

The Reserve Bank of Australia hiked official rates by 50 basis points to 1.35% on Tuesday and said it expected to take “further steps” in normalising monetary policy in coming months.

In announcing the move, its third hike in as many months, the central bank said the Australian economy is resilient and the extraordinary monetary support put in place during the pandemic was “no longer needed,” (See: MNI STATE OF PLAY: RBA To Hike Again And Push Rates Over 1%).

The RBA said it was “committed to doing what is necessary” to return inflation – currently at 5.1% - to the 2% to 3% target range and future rate increases would be guided by incoming inflation and labour market data.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.