In another sign of the splintering global policy outlook, Australia has just delivered the first interest-rate hike among major central banks for the year.
Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a luncheon organized by the Anika Foundation in Sydney, Australia, on Thursday, July 24, 2025. The Australian central bank’s interest rate-setting board judges that a “measured and gradual” approach to policy easing is appropriate, Bullock said, adding that labor demand remains strong while core inflation is easing gradually. Photograph: Lisa Maree Williams/Bloomberg
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