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The Reserve Bank of Australia surprised with a 25-bps rate hike, lifting the cash rate to 3.85% to the highest level since May 2012. The consensus was
[See the full post at: RBA Suprises Raising Rates to Ten Year High 3.85%, Warns on Further Tightening]Remarks by RBA governor, Philip Lowe
Goal is to get inflation back to target range within a reasonable timeframe
Some further tightening may be required to meet that objective
We will do what is necessary to bring inflation back to target
We are not on a pre-set course
Paying attention to consumption, inflation, jobs, global economic developments
Australian dollar had responded to change in rates outlook since April pause
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