India, Nov. 3 -- The Reserve Bank of Australia raised its benchmark interest rate for the fifth time this year to the highest level in 18 years in order to bring inflation sustainably back to the target.
The board, governed by Michele Bullock, voted 6-3 to lift the cash rate target by 25 basis points to 4.85 percent, marking the highest rate since 2008.
The bank has raised its key rate by 125 basis points so far this year.
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