Sydney:Australia's central bank raised its cash rate to an 18-year high on Tuesday in its fifth hike of the year.
According to Wam, the Reserve Bank of Australia's board, concluding its November policy meeting, increased the rates by 25 basis points to 4.85 percent. The board emphasized its commitment to taking necessary actions to bring inflation to target. However, it omitted a prior reference to potentially increasing the cash rate further if needed.