Australia's central bank raises interest rates to fight persistent inflation

The Reserve Bank of Australia raised its key interest rate for the first time since late 2023. The bank's deputy governor said it will do whatever it takes to lower inflation, even though it sees no set path for future rate moves.

Some political figures, including Treasurer Jim Chalmers, have faced criticism that government spending contributed to inflation. Meanwhile, the opposition Coalition failed to reach a resolution on the issue, and former senator Cory Bernardi was recruited by the One Nation party.