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Australia's RBA Hikes Rates Again Amid High Inflation

3/20/2026

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Summary

Story summary

The Reserve Bank of Australia raised interest rates for the second time this year due to high inflation.
Governor Michele Bullock said the decision reflected domestic conditions, not the Middle East conflict driving oil prices higher.
Bullock added that higher fuel costs alone would not sufficiently reduce demand.
Economists note unemployment at 4.1%, adding pressure on the RBA as it seeks to control inflation.

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Story summary

The Reserve Bank of Australia raised interest rates for the second time this year due to high inflation.
Governor Michele Bullock said the decision reflected domestic conditions, not the Middle East conflict driving oil prices higher.
Bullock added that higher fuel costs alone would not sufficiently reduce demand.
Economists note unemployment at 4.1%, adding pressure on the RBA as it seeks to control inflation.