The Reserve Bank of Australia (RBA) raised the official interest rate with a 0.5 percentage point rise to 1.35%. The move is in response to curb strengthening inflation. In his commentary of the RBA’s latest move, Peter Esho, co-founder at Wealthi said, “Today's 50 basis points rate rise was in line with expectations and with quarterly inflation numbers. There is a case for more rises coming in July and August. We're of the view that the cash rate will rise to around 2-2.25% by the end of the year.”
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