The Reserve Bank of Australia raised interest rates by 25 basis points, to reach 10.3%, as expected at the bank meeting that took place this morning, Tuesday, December 6, in the last meeting of the current year, bringing interest levels to their highest levels since 2012.

And the interest statement issued by the bank stated that inflation in Australia is very high, as is the case in most countries, as the consumer price index reached 6.9% in October on an annual basis, and it is expected to continue its rise in the coming months and reach its peak at 8% later.

of the year before it begins to decline in the next year. The statement stated that the Australian economy continues to grow strongly, but it is expected that growth will decline in the next year with the slowdown in the growth of the global economy and the slowdown in the growth of household consumption due to the policy of monetary tightening, as the Australian economy is expected to record a growth of about 1.5% in 2023 and 2024.

The bank affirmed that it is committed to returning inflation to the bank’s target range of 2-3%, stressing that there are strong upcoming interest rate increases in the coming period, and the size and timing of the increases will be determined through the data received.

The reaction of the Australian dollar was temporarily positive, as the markets were expecting a rise of 25 basis points in a large way, as the Australian dollar is trading against the US dollar this morning, Tuesday, at 0.6730 levels.