RBA raises cash rate to 4%
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THE central bank has increased the official interest rate by 25 basis points as most surveyed economists and the futures market had expected.
The Reserve Bank of Australia (RBA) raised the cash rate to 4.00 per cent, the highest since February 2009, from 3.75 per cent after its board meeting on Tuesday.
Of 16 economists surveyed by AAP, 11 had expected a quarter point increase.
Interest rate futures markets had priced in a 60 per cent chance for a rate increase.
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