The Reserve Bank spent a week preparing the public for a rate increase just as its Kiwi counterpart did the opposite. The credibility of both is in the balance.
If there was any doubt that the Reserve Bank of Australia would increase interest rates on Melbourne Cup Day, it was removed at 11.30 on Wednesday with the release of quarterly and monthly inflation data.
The data showed a slightly higher-than-expected increase in prices as quarterly trimmed mean inflation reached 4 per cent on an annualised basis.
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