Australians have been preparing for c.bank rate hike, PM Morrison says

Australians have been preparing for a rate hike by the country's central bank "for some time", Prime Minister Scott Morrison said on Tuesday, but acknowledged the decision will be hard for some. Australia's central bank on Tuesday raised its main cash rate by a surprisingly large 25 basis points to 0.35%, its first hike in more than a decade, and flagged more to come as it runs down the curtain on pandemic stimulus.

The rate hike could hamper Morrison's re-election prospects ahead of a national election in under three weeks.

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