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Surprise rate rise ahead of Federal Budget
Federal Budget next week needs to tread a fine line Source: AAP / AAP Image/Steven Saphore
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In a move that has taken markets by surprise, the Reserve Bank ((RBA)) has lifted interest rates again after a month-long pause. The Bank has lifted rates by 25 basis points to 3.85 per cent, making Australia's interest rates the highest they have been for 11 years, while still at a relatively low level. The decision comes ahead of next week's Federal Budget. R-B-A Governor Philip Lowe says inflation is still too high at seven per cent, and further rises have not been ruled out. That story by Tim Wharton and Angelica Waite for SBS News, produced by Praba Maheswaran for SBS Tamil.
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