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RBA Minutes: More Rate Hikes Expected To Combat Inflation
(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board agreed that inflation continues to be too high, and that further interest rate increases would be necessary, minutes from the bank's Nov. 1 meeting revealed on Tuesday.
The Australian economy continues to grow solidly but could be subjected to downside risks, such as pressure on the global economy, the minutes showed.
The members agreed that rate hikes were needed to help establish a better balance between supply and demand. The board also felt it necessary to return inflation to its target range of 2 to 3 percent at the earliest opportunity.
At the meeting, the RBA raised its benchmark interest rate by a quarter-point to 2.85 percent and repeated the guidance that rates will be lifted further based on incoming data.
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