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RBA raises interest rates for third straight meeting
THE Reserve Bank has lifted interest rates for a third straight meeting amid fears the Middle East oil crisis could make inflation worse before it gets better. The central bank’s monetary policy board voted 8-1 to raise the official cash rate by 25 basis points to 4.35 percent, as it wrapped up a two-day meeting on Tuesday. For an average borrower with a $600,000 mortgage, the three consecutive hikes since February will cumulatively add more than $270 a month in interest repayments. The move was tipped by most economists and financial markets, which had priced in the chance of
