Australia Raises Cash Rate by 25 Basis Points to 4.85%
The Reserve Bank of Australia voted by a majority to raise its cash rate target, citing elevated and broad-based inflation.
The Reserve Bank of Australia voted by a majority of six to three to increase the cash rate target by 25 basis points to 4.85%.In the accompanying notes, the bank argued that inflation remained both elevated and broad based. "This partly reflects higher fuel and other commodity prices affected by t…