Forex
RBA Governor Warns of Further Rate Hikes Amid Restrictive Cash Rate
RBA Governor Michele Bullock has called the current cash rate of 4.60% 'restrictive', but warned that further hikes are possible to combat inflation.
The Reserve Bank of Australia lifted its cash rate by 25 basis points on Tuesday, reaching its highest setting since 2011 and marking the fourth increase this year.
Bullock stated that while the bank expected the combined force of earlier increases and the latest move to weigh on demand, it would act again if required to return inflation to the 2-3% target range.