SYDNEY: Australia’s central bank raised interest rates yesterday for the first time in over a year, looking ahead at inflationary pressures rather than back at data showing economic growth had slowed to a snail’s pace.
The anaemic economic growth in the final quarter of 2004 raised questions about the need for any further monetary tightening by the Reserve Bank of Australia (RBA), although interest rate markets are already pricing in another quarter-point increase.
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