Economic Buzz: RBA hikes interest rates by 25 basis points

The Reserve Bank of Australia (RBA) hiked its cash rate target by 25 basis points to 4.35% in May. Eight members supported the increase, while one voted to keep the rate unchanged at 4.10%. Having raised the cash rate three times, monetary policy is well placed to respond to developments and the Board is focused on its mandate to deliver price stability and full employment, the RBA said in its statement.

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