RBA supersizes its interest rates order
The Reserve Bank of Australia announced a supersized interest rate hike, the largest single move in 22 years.
The Reserve Bank of Australia (RBA) has imposed a supersized interest rate hike on borrowers.
It 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 on Tuesday (7 June) was made in response to ballooning inflation that it sees worsening unless the period of historically lower interest rates is put to an abrupt…