SYDNEY (Reuters) – Australia’s central bank raised its cash rate 50 basis points to 1.35% on Tuesday and flagged more tightening ahead as it struggles to contain surging inflation.
Wrapping up its July policy meeting, the Reserve Bank of Australia (RBA) said extraordinary policy support was no longer needed, given strength in the economy, while “further steps” would be needed in the months ahead.
The third hike since May had been widely expected, leaving the local dollar down slightly at $0.6858. [AU/INT]
(Reporting by Wayne Cole; Editing by Clarence Fernandez)
