3 Nov 2009

Australia lifts official interest rate

6:44 pm on 3 November 2009

The Reserve Bank of Australia has lifted the official interest rate by 25 basis points, marking the fourth time in a row it has altered rates on Melbourne Cup day.

The central bank raised the Official Cash Rate to 3.50%, from 3.25%, following its monthly board meeting.

It was the second month in a row the RBA has increased rates, following a 25 basis point lift on 6 October.

The latest rate rise was widely expected by financial market economists.