Reserve Bank hikes official interest rate September 2022
The Reserve Bank raised the official cash rate by 50 basis points to 2.35% in Sep 2022. RBA lifts cash rate by 50 basis points to 2.35 per cent
The Reserve Bank has raised the cash rate for the fourth time in as many months to curb inflation. RBA has lifted its key interest rate for a fourth straight month, hoisting the cash rate by 50 basis points in its fastest tightening action in almost 30 years to quell inflation. The Reserve Bank says it will continue to do what is necessary to tackle inflation.
But the bank’s governor, Philip Lowe, said Australia’s economy would grow slower this year and in coming years than the RBA had forecast in its May statement on monetary policy. The forecast cuts and changes in his comments about future rate rises prompted investors to send the Australian dollar lower against its US counterpart and for shares to pare losses for the day.
GDP growth in 2023 and 2024 is now expected to come in at 1.75%. That compares with the May forecast by the RBA of 2% in 2023 and 2% in the year to June 2024.
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