The Reserve Bank of Australia (RBA) has lifted its cash rate target by 25 basis points to 3.35 per cent in its quest to beat high inflation.
The bank said more rate hikes would be needed in the months ahead.
Today’s move was in line with market expectations.
The bank, in a statement, noted that inflation remained high.
“It is, however, moderating in response to lower energy prices, the resolution of supply-chain problems and the tightening of monetary policy,” Reserve Bank Governor Philip Lowe said.