RBA lifts rates, appoints new head

THE Reserve Bank of Australia lifted the official interest rate this week to 6 per cent on inflationary pressures and a strengthening domestic economy. The RBA has warned that a strong world economy, a tight labour market and rising inflation could bring another rate rise before the end of the year. The rate rise of 0.25 per cent will add about $35 per month to the average new home mortgage, according to REIWA president Greg Rossen. Meanwhile, Glenn Stevens has been appointed as the new RBA governor, taking over the top job from Ian Macfarlane. Stevens has been with the RBA for 26 years and was appointed deputy governor in December 2001.

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