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Australia raises rates in third swipe at inflation

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The Reserve Bank of Australia raises interest rates by a hefty half a percentage point to 1.35%, the third time since May. – AFP pic, July 5, 2022.

AUSTRALIA’S central bank took a fresh swipe at surging inflation today, raising interest rates for the third time since May in a move bound to inflict pain on highly indebted homeowners.

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The bank said it would push up Australia’s main lending rate by a hefty half a percentage point to 1.35%, repeating an increase of the same scale last month.


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