Reserve Bank of Australia Hikes Cash Rate by 25 Basis Points
Posted on 05/02/2023
Unexpectedly for some market participants, the Reserve Bank of Australia hiked its cash rate by 25 basis points to 3.85% after holding its benchmark policy rate at steady at 3.6% in their April 2023 meeting. This is the highest cash rate level since April 2012. The Australian dollar strengthened by 0.6% to 0.6677 against the U.S. dollar after the move. The Reserve Bank of Australia has hiked 11 times since May 2022.