Here we go again!

After determining that inflation needed to be contained, the Reserve Bank of Australia raised Australia's cash rate by 25 basis points to 3.60% and the interest rate on exchange settlement balances by the same amount to 3.50% this afternoon.

This decision on Tuesday marks the 10th consecutive increase in the official cash rate by the Reserve Bank since May 2022, in line with market expectations that back-to-back hikes would continue in March.

RBA governor Philip Lowe acknowledged that global inflation remained "very high" and, while headline inflation was decreasing, services price inflation remained elevated in many economies. Lowe noted that it would take some time for inflation to return to target rates, and the outlook for the global economy remained subdued, with below-average growth expected for this year and next.

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