Australia's central bank raised interest rates to a 12-year high on Tuesday, ending four months of steady policy, but left it open on whether even more...
SYDNEY - Australia's central bank raised interest rates to a 12-year high on Tuesday, ending four months of steady policy, but left it open on whether even more tightening would be needed to bring inflation to heel.
As a result, the local dollar slipped 0.4% to $0.6460 and bond futures rallied as investors lengthened the odds on a further rise in December. Rates have now risen by 425 basis points since May last year, adding thousands of dollars to average mortgage repayments in easily the most aggressive cycle on record for the RBA.
Their patience ran out as inflation proved stickier than hoped in the service sector, while house prices rebounded to record highs and unemployment stayed historically low at 3.6%.
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