Australia's central bank won't hesitate to raise rates if needed, governor says
SYDNEY - Australia's central bank will not hesitate to raise interest rates if needed to control inflation, its top central banker said on Thursday, reinforcing its hawkish messaging as the pace of underlying inflation remained high.
The central bank projects core inflation, which ran at 3.9% last quarter, to slow into its 2% to 3% target band toward the end of 2025. The bank has held its policy steady since November, judging the current cash rate of 4.35% - up from the 0.1% during the pandemic - is restrictive enough to bring inflation to target while preserving employment gain.
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