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The Reserve Bank of Australia raises interest rates by another 50 basis points to 1.85%. – EPA pic, August 2, 2022.

AUSTRALIA’S central bank raised interest rates by another 50 basis points today while pledging to “do what is necessary” to bring soaring inflation under control.

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The Reserve Bank of Australia’s fourth successive increase saw its central rate rise to 1.85%, and officials put borrowers on notice of more.

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