The Bank of Australia raised the policy interest rate to the highest level in 18 years as expected by the market on Tuesday to push the inflation rate back to the target range. The Bank of Australia's nine-member Monetary Policy Committee voted 6 to 3 to raise interest rates by 25 basis points to 4.85%. This is the fifth time since this year that interest rates have been raised, and the tightening is the greatest among developed economies. Bank of Australia Governor Michele Bullock will hold a press conference in Sydney at 3:30 p.m. local time. The Bank of Australia said in a statement after the meeting: “The Commission will continue to take actions it deems necessary to push inflation back to target levels sustainably.” Following the Bank of Australia, the Bank of England and the Bank of Sweden may also raise interest rates this week, and all countries are curbing energy prices to drive up inflation.

The Bank of Australia raised the policy interest rate to the highest level in 18 years as expected by the market on Tuesday to push the inflation rate back to the target range. The Bank of Australia's nine-member Monetary Policy Committee voted 6 to 3 to raise interest rates by 25 basis points to 4.85%. This is the fifth time since this year that interest rates have been raised, and the tightening is the greatest among developed economies. Bank of Australia Governor Michele Bullock will hold a press conference in Sydney at 3:30 p.m. local time. The Bank of Australia said in a statement after the meeting: “The Commission will continue to take actions it deems necessary to push inflation back to target levels sustainably.” Following the Bank of Australia, the Bank of England and the Bank of Sweden may also raise interest rates this week, and all countries are curbing energy prices to drive up inflation.