Australian Central Bank Raises Interest Rates by 1 Point, Reaching a 12-Year High


Australia's central bank, the Reserve Bank of Australia, raised interest rates to a nearly 12-year high on July 7 to curb high inflation.

The Reserve Bank ofAustralia raised its cash rate by one notch upward to 4.35%, the highest since December 2011, AFP reports.

It was the first rate hike in five months and the first since Michele Bullock took over as RBA chief in September.

The Reserve Bank of Australia says the 'top priority' now is to get inflation back to 2% to 3% by the end of 2025.