Australia’s central bank has lifted interest rates to their highest level in 18 years, while a split decision among policymakers has pointed towards a possible pause in future increases.
The decision raises borrowing costs across the Australian economy, but the divided vote suggests officials may be nearing a point at which they hold rates steady rather than continue tightening policy.
The central bank’s latest move marks the latest step in its efforts to manage economic conditions, with the prospect of a pause now emerging from the decision.
