RBA: 50 bps hike will assist with the return of inflation to target over time

more to come ...

INFLATION IN AUSTRALIA HAS INCREASED SIGNIFICANTLY.

COMMITTED TO DOING WHAT IS NECESSARY TO ENSURE THAT INFLATION IN AUSTRALIA RETURNS TO TARGET OVER TIME

HIGHER PRICES FOR ELECTRICITY AND GAS AND RECENT INCREASES IN PETROL PRICES MEAN THAT, IN THE NEAR TERM, INFLATION IS LIKELY TO BE HIGHER THAN WAS EXPECTED A MONTH AGO.

SIZE AND TIMING OF FUTURE INTEREST RATE INCREASES WILL BE GUIDED BY THE INCOMING DATA AND THE BOARD'S ASSESSMENT OF THE OUTLOOK FOR INFLATION AND THE LABOUR MARKET

TODAY'S INCREASE IN INTEREST RATES WILL ASSIST WITH THE RETURN OF INFLATION TO TARGET OVER TIME.

THE AUSTRALIAN ECONOMY IS RESILIENT,

RESILIENCE OF THE ECONOMY AND THE HIGHER INFLATION MEAN THAT THIS EXTRAORDINARY SUPPORT IS NO LONGER NEEDED