{"id":14416,"date":"2022-07-05T18:51:46","date_gmt":"2022-07-05T13:06:46","guid":{"rendered":"https:\/\/english.kathmandupati.com\/?p=14416"},"modified":"2022-07-05T18:51:46","modified_gmt":"2022-07-05T13:06:46","slug":"australia-raises-rates-in-third-swipe-at-inflation","status":"publish","type":"post","link":"https:\/\/english.kathmandupati.com\/?p=14416","title":{"rendered":"Australia raises rates in third swipe at inflation"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>AGENCY &#8211;<\/strong> Australia&#8217;s central bank took a fresh swipe at surging inflation Tuesday, raising interest rates for the third time since May in a move bound to inflict pain on highly indebted homeowners.<\/p>\n<p style=\"text-align: justify;\">The bank said it would push up Australia&#8217;s main lending rate by a hefty half a percentage point to 1.35 percent, repeating an increase of the same scale last month. Reserve Bank of Australia governor Philip Lowe vowed to take &#8220;further steps&#8221; in the months ahead to tame inflation, which rose to a 20-year high of 5.1 percent in the first quarter of the year.<\/p>\n<p style=\"text-align: justify;\">Global inflation is being fed by the war in Ukraine, strong demand and Covid-19 disruptions to supply chains, Lowe said in a statement. In Australia, a tight labour market and east coast floods were also pushing up prices, he said. It marks the first time on record the central bank has enacted increases of half a percentage point in two consecutive meetings.<\/p>\n<p style=\"text-align: justify;\">&#8220;However, the governor&#8217;s statement made no reference to that historical precedent, something that may have been done if he was signalling the intention to scale back the moves,&#8221; said Westpac economist Bill Evans. He predicted the bank would decide on another increase of the same scale next month.<\/p>\n<p style=\"text-align: justify;\">The central bank began to tackle inflation in May when it raised rates for the first time in more than a decade, pushing them up by a quarter of a percentage point to 0.35 percent.<\/p>\n<p style=\"text-align: justify;\">For a homeowner with a Aus$500,000 (US$340,000) variable rate mortgage, average monthly repayments have climbed by Aus$366 since rates started rising, said real estate analyst CoreLogic.<\/p>\n<p style=\"text-align: justify;\">&#8220;Indebted households are in the grip of a tightening pincer movement, where inflation on essential goods such as fuel and food, together with the rapidly rising cost of debt, are squeezing balance sheets,&#8221; it said in a report.-(AFP)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AGENCY &#8211; Australia&#8217;s central bank took a fresh swipe at surging inflation Tuesday, raising interest rates for the third time since May in a move bound to inflict pain on highly indebted homeowners. The bank said it would push up Australia&#8217;s main lending rate by a hefty half a percentage point to 1.35 percent, repeating [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-14416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australia raises rates in third swipe at inflation - KathmanduPati<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.kathmandupati.com\/?p=14416\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia raises rates in third swipe at inflation - KathmanduPati\" \/>\n<meta property=\"og:description\" content=\"AGENCY &#8211; Australia&#8217;s central bank took a fresh swipe at surging inflation Tuesday, raising interest rates for the third time since May in a move bound to inflict pain on highly indebted homeowners. The bank said it would push up Australia&#8217;s main lending rate by a hefty half a percentage point to 1.35 percent, repeating [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/english.kathmandupati.com\/?p=14416\" \/>\n<meta property=\"og:site_name\" content=\"KathmanduPati\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/kathmandupatienglish\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-05T13:06:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/english.kathmandupati.com\/wp-content\/uploads\/2021\/05\/australia-1536x960-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"KathmanduPati\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KathmanduPati\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416#article\",\"isPartOf\":{\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416\"},\"author\":{\"name\":\"KathmanduPati\",\"@id\":\"https:\/\/english.kathmandupati.com\/#\/schema\/person\/bbe4e117cde7a3a56af3321608bf6b37\"},\"headline\":\"Australia raises rates in third swipe at inflation\",\"datePublished\":\"2022-07-05T13:06:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416\"},\"wordCount\":317,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/english.kathmandupati.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416#primaryimage\"},\"thumbnailUrl\":\"https:\/\/english.kathmandupati.com\/wp-content\/uploads\/2021\/05\/australia-1536x960-1.jpg\",\"articleSection\":[\"International\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/english.kathmandupati.com\/?p=14416#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416\",\"url\":\"https:\/\/english.kathmandupati.com\/?p=14416\",\"name\":\"Australia raises rates in third swipe at inflation - KathmanduPati\",\"isPartOf\":{\"@id\":\"https:\/\/english.kathmandupati.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416#primaryimage\"},\"image\":{\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416#primaryimage\"},\"thumbnailUrl\":\"https:\/\/english.kathmandupati.com\/wp-content\/uploads\/2021\/05\/australia-1536x960-1.jpg\",\"datePublished\":\"2022-07-05T13:06:46+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/english.kathmandupati.com\/?p=14416\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416#primaryimage\",\"url\":\"https:\/\/english.kathmandupati.com\/wp-content\/uploads\/2021\/05\/australia-1536x960-1.jpg\",\"contentUrl\":\"https:\/\/english.kathmandupati.com\/wp-content\/uploads\/2021\/05\/australia-1536x960-1.jpg\",\"width\":1536,\"height\":960},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/english.kathmandupati.com\/?p=14416#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/english.kathmandupati.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Australia raises rates in third swipe at inflation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/english.kathmandupati.com\/#website\",\"url\":\"https:\/\/english.kathmandupati.com\/\",\"name\":\"KathmanduPati\",\"description\":\"voice of a changing era\",\"publisher\":{\"@id\":\"https:\/\/english.kathmandupati.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/english.kathmandupati.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/english.kathmandupati.com\/#organization\",\"name\":\"RB Media House Pvt. 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