[ad_1]
The Bank of Australia has raised interest rates for the first time in more than a decade, with the aim of easing rising consumer prices.
The main credit rate increased by 25 basis points to 0.35 percent, marking the first increase since November 2010.
The bank said inflation had “risen significantly and more than expected”, signaling that there could be an additional rise in interest rates.
The decision has put the banking institution at the center of the political debate over Australia’s economic situation, just days before the May 21 election.
The Prime Minister, Scott Morrison, who is leading the polls, has said that the rise in inflation is a result of global trends. Like consumers around the world, Australians have been hit by rising food and oil prices.
The annual inflation rate in Australia has now gone to 5.1 per cent. But house prices have risen for years, though wages have not. Sydney and Melbourne are among the most expensive countries in the world to live in.
top channel
[ad_2]
Source link
