SYDNEY, March 7 (Reuters) - Australia's central bank
raised its cash rate 25 basis points to the highest in more than
a decade at 3.60% on Tuesday and said it expects further
tightening will be needed to curb inflation.
Wrapping up its March policy meeting, the Reserve Bank of
Australia (RBA) said wages growth was still consistent with the
inflation target and recent data suggested a lower risk of a
cycle in which prices and wages chase one another.
In a dovish step, the central bank changed a reference to
further rate "increases", saying instead that "further
tightening" would be needed. This was the tenth hike since last
May, lifting rates by a total of 350 basis points. (Reporting by Wayne Cole; Editing by Edmund Klamann)
Messaging: wayne.cole.thomsonreuters.com@reuters.net))
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