AustraliaÃ¢â‚¬â„¢s central bank raised its benchmark interest rate to 4.25% and signaled further increases, dismissing warnings that higher borrowing costs are already eroding consumer spending.
Governor Glenn Stevens boosted the overnight cash rate target from 4 , the Reserve Bank of Australia said in a statement in Sydney today. Stevens said the move was a Ã¢â‚¬Å“further stepÃ¢â‚¬Â in returning interest rates to average levels.
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