Wheeler lifts OCR to 2.75 percent in first hike since 2010, signals steeper rate track

Wed, 12 Mar 2014

By Paul McBeth March 13 (BusinessDesk) – Reserve Bank governor Graeme Wheeler lifted the official cash rate a quarter-point to 2.75 percent in the first move of a tightening cycle, and signalled potential for a steeper track for future hikes as he tries to prevent inflation accelerating. “While headline inflation has been moderate, inflationary pressures are increasing and are expected to continue doing so over the next two years,” Wheeler said in a statement. “The speed and extent to which the OCR will be raised will depend on economic data...

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