FINSOC Weekly Wraps Vol. 24

Feb 13, 2023 Weekly Wraps

RBA raises rates, and expect further increases will be needed

In the first Tuesday board meeting of 2023, the RBA has raised the official cash rate by 25 basis points to 3.35%, the highest level in over a decade.

RBA governor Phillip Lowe affirms expectations of further rate rises and says “the Board expects that further increases in interest rates will be needed over the months ahead” to stabilise high inflation.