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RBA Minutes: Rate Hike Would Bring Inflation Back To Target
(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board said that a move to lift the bank's benchmark lending rate would help to bring inflation back down closer to its target range, minutes from the bank's September 6 meeting revealed on Tuesday.
As inflation is already at decades-high levels and is expected to continue to rise, the minutes said, more rate hikes are likely in the future.
The economy continues to grow steadily, the minutes showed, reducing the need for stimulus, although wage growth and household spending remain inconsistent.
At the meeting, the RBA raised its key interest rate by a half-percentage point on Tuesday to bring inflation back to the target and create a more sustainable balance of demand and supply in the Australian economy. The RBA hiked the cash rate target by 50 basis points to 2.35 percent, the highest since late 2014.
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