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BREAKING NEWS: RBA surprises market with big rate hike

The Reserve Bank of Australia (RBA) has today lifted the cash rate target by 50 basis points to 85 basis points (0.85 per cent), surprising the market with a rate rise double that expected by most commentators.

Reserve bank of Australia building in Melbourne CBD, Australia.

The Reserve Bank of Australia (RBA) has today lifted the cash rate target by 50 basis points to 85 basis points (0.85 per cent), surprising the market with a rate rise double that expected by most commentators.

The RBA's dramatic move was made in response to stubborn inflation figures that it sees worsening unless the period of historically lower interest rates is put to an end.

“Inflation in Australia has increased significantly (and) while in…