SYDNEY—The Reserve Bank of Australia announced its 12th rise in interest rates in just over a year on Tuesday, further ratcheting up stress levels on an already massively burdened mortgage sector while warning that if inflation remains problematic, further increases are likely.
The increase in the official cash rate by 25 basis points to 4.10% took it to its highest level since early 2012. The move followed warnings from RBA Gov. Philip Lowe last week that rising wages and the absence of productivity growth could trigger further…
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