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RBA braces borrowers for imminent rate rise as inflation surges

The Reserve Bank of Australia has given its strongest indication yet that the first official interest rate rise in 12 years is around the corner.

Inflation graphic on compass with Australian flag at centre
Inflation is taking off, forcing the RBA's hand on interest rates.

The Reserve Bank of Australia (RBA) has given its strongest indication yet that the first official interest rate rise in 12 years is around the corner.

Releasing the Minutes of the Monetary Policy Meeting of the Reserve Bank Board on Tuesday (19 April), the nine-member board said inflation had picked up and a further increase was expected to take the inflation rate above the three per cent upper limit of the RBA’s target.

What little wages grow…