India, Sept. 29 -- The Reserve Bank of Australia raised its benchmark rate by a quarter-point on Tuesday, taking it to a 15-year high level, as risks to inflation materialized amid geopolitical tensions.
The policy board, governed by Michele Bullock, unanimously decided to raise the cash rate target to 4.60 percent, the highest level since late 2011. The decision came in line with expectations.
The decision marked the third rate hike since the beginning of the year, further tightening financial conditions across the economy. Although the economy showed signs of slowing, inflation remained high.
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