Canberra: The Central Bank of Australia has decided to raise key interest rates by 50 basis points on Tuesday. This is in line with market expectations, showing economic resilience and high inflation.

The Reserve Bank of Australia’s policy committee, led by Governor Philip Lowe, has decided to raise interest rates by 50 basis points from 0.85 percent before raising interest rates to 1.35 percent.

“The resilience of the economy and rising inflation mean that this special support is no longer needed,” Mr Rowe said.

“The magnitude and timing of future interest rate hikes will be guided by incoming data and the Board’s assessment of inflation and the outlook for the labor market,” he added.

The World Bank hopes to take further steps to normalize Australia’s monetary policy situation in the coming months.

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