Australian dollars coins in Melbourne, Australia, on April 4, 2024. AAP Image/Joel Carrett
The Reserve Bank of Australia (RBA) has hiked interest rates by 25 basis points, becoming the first major central bank to go from rate cuts to rate hikes following the post-COVID-19 inflation spike.
In a unanimous decision on Feb. 3, the RBA’s monetary policy board lifted the cash rate to 3.85 percent after last cutting them in August to 3.6 percent and holding them since then.
