The Reserve Bank of Australia (RBA) has announced the fifth consecutive interest rate increase and hinted at further rises in the upcoming months.
At its board meeting on Sep. 6, the RBA decided to raise the official cash rate by 0.5 percent to 2.35 percent, the highest level since 2015.
The decision was made as the RBA board continued its commitment to bringing the annual inflation rate down to the two to three percent target band.
“It is seeking to do this while keeping the economy on an even keel,” RBA Governor Philip Lowe said.
“The board expects to increase interest rates further over the months ahead, but it is not on a pre-set path.”…