Another hike in interest rates ahead of federal budget

The recent move by the Reserve Bank, ahead of the federal budget, has surprised markets. Interest rates lifted by 25 basis points to 3.85 percent, the highest in the last decade, while still at a relatively low level. RBA Governor Philip Lowe says inflation is still too high at seven percent, and further rises have not been ruled out.

The Reserve Bank's actions are likely to cause further pain to Australian families, as the government faces increasing calls to alleviate cost-of-living pressures in next week’s Budget. Source: AAP / FLAVIO BRANCALEONE/AAPIMAGE

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