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01:09
Australia's central bank lifts cash rate to 4.35 pct
STORY: Australia's central bank lifts cash rate to 4.35 pct
SHOOTING TIME: Nov. 7, 2023
DATELINE: Nov. 8, 2023
LENGTH: 0:01:09
LOCATION: SYDNEY, Australia
CATEGORY: ECONOMY
SHOTLIST:
1. various of Sydney Opera House
2. various of the Reserve Bank of Australia
3. various of banks
STORYLINE:
The Reserve Bank of Australia (RBA) on Tuesday decided to raise the cash rate target by 25 basis points to 4.35 percent, after keeping the rate on hold for four consecutive months.
Following a monetary policy meeting on Tuesday, RBA Governor Michele Bullock said in a statement that the rise in interest rates was warranted to be more assured that inflation would return to target in a reasonable timeframe.
According to the latest figures released by the Australian Bureau of Statistics, the Consumer Price Index (CPI) rose 1.2 percent in the September 2023 quarter, higher than the 0.8-percent rise in the June 2023 quarter, while the annual inflation eased down from 6.0 percent to 5.4 percent.
Automotive fuel and rents were flagged as the most significant contributors to the quarterly increase.
While the central forecast is for CPI inflation to continue to decline, Bullock noted that progress looks to be slower than earlier expected.
The latest announcement saw the benchmark interest rate soar from 0.1 percent to its highest level in 12 years, which resulted from 13 rate hikes rolled out by the central bank from May last year.
Bullock didn't rule out further tightening of monetary policy.
Xinhua News Agency correspondents reporting from Sydney, Australia.
(XHTV)
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