SYDNEY: Australia's central bank raised interest rates by a quarter percentage point on Wednesday, its first adjustment in 17 months, with a recovery in exports allowing policymakers to target a hot domestic economy.
The Reserve Bank of Australia (RBA) lifted the official cash rate to 5.00 % from 4.75 % after its board meeting on Tuesday, becoming the first major industrialised nation to raise rates in the current economic cycle. The Bank of England is expected to be the next in line.