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RBA Increases Official Cash Rate
At its meeting today, the Reserve Bank Board decided to increase the cash rate target by 25 basis points, to 7.00 per cent.
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Statement by Glenn Stevens, Governor Monetary Policy RBA
Recent information points to significant inflation pressures. CPI inflation on a year-ended basis picked up to 3 per cent in the December quarter, with underlying measures around 3.5 per cent. This was a little higher than was expected a few months ago. Indicators of demand remained strong through the second half of 2007, and reports of high capacity usage and shortages of suitable labour persist. In the short term, inflation is likely to remain relatively high and will probably rise further in year-ended terms, though the Bank expects it to moderate somewhat next year.
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