S Trop (@Stroppy)

RBA raises cash rate The Reserve Bank has raised its official interest rate by the most in 22 years as the country’s central bank tries to quash inflation before it gets out of control. The RBA board at its regular monthly meeting has just announced it has lifted its cash rate target TBC 50 basis points to 0.85%. Economists were mostly split between predicting a 25bp or 40bp increase, according to Bloomberg.