Australia Raises Key Interest Rate By 25 Bps

India, Nov. 2 -- The Reserve Bank of Australia raised its benchmark interest rate for the fifth time this year to bring inflation 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 on Wednesday, as widely expected.

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The bank has raised its key rate by 125 basis points so far this year.

"Given the revised inflation outlook and the continuing upside risks, the Board judged that a further tightening in financial conditions is warranted to support the return of inflation to target," the bank said in a statement.

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