Australia Hikes Rate By Most Since 2000 On Rising Inflation

Australia's central bank raised its key interest rate by half a percentage point on Tuesday, which was the biggest hike since 2000, and vowed to withdraw the monetary support to bring inflation back to the target. The policy board of the Reserve Bank of Australia, headed by Governor Philip Lowe, decided to lift the cash rate target by a bigger-than-expected 50 basis points to 0.85 percent from 0.35 percent.