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Federal government under pressure to rein in spending
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The Reserve Bank board has lifted interest rates to the highest level in 18 years. It has increased the cash rate target by 0.25 percentage points, to 4.85%, up from 4.60%. The cash rate has not been this high in Australia since late 2008. It is the fifth time the central bank has lifted rates this year, as it attempts to bring down inflation and dampen people's inflation expectations. Video by finance journalist Alicia Barry. #Inflation #InterestRate #ABCNews #ABCBusiness
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