RBA gallops to 2.85pc cash rate, inflation to hit 8pc
Ronald MizenSenior reporter
The Reserve Bank of Australia has increased the official interest rate by 0.25 percentage points, the seventh straight rise in a galloping tightening cycle aimed at curbing inflation now expected to peak higher.
The Melbourne Cup Day increase was inline with expectations and means the overnight cash rate has leapt from 0.1 per cent to 2.85 per cent since early May, the fastest tightening cycle in almost 30 years.
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Ronald Mizen reports on politics, economics, business and the law, with a focus on corporate regulators, lobbyists and investigations from Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
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