RBA lifts cash rate 25bps to 4.5%, signals pause
The RBA (Reserve Bank of Australia) today said in its monetary policy decision release that it would raise the cash rate by 25 basis points to 4.5%, continuing its path to neutral monetary policy. In the announcement the RBA Governor, Glenn Stevens said:
"With the risk of serious economic contraction in Australia having passed some time ago, the Board has been adjusting the cash rate towards levels that would be consistent with interest rates to borrowers being close to the average experience over the past decade or more. The Board expects that, as a result of today’s decision, rates for most borrowers will be around average levels. This represents a significant adjustment from the very expansionary settings reached a year ago."
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