Australia raises benchmark rate to 4.85%, highest since 2008
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On Tuesday the Reserve Bank of Australia lifted its cash rate by 25 basis points to 4.85%, the highest since November 2008, in a 6–3 split and its fifth hike this year, matching Reuters-polled expectations. September CPI hit 4.3%, and the RBA expects inflation to stay elevated until it returns to the 2%–3% target in late 2027.
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