Canberra (dpa) - The Australian Central Bank decided today, Tuesday, to raise the main interest rate by half a percentage point, which was in line with market expectations, citing the resilience of the economy and the high rate of inflation.

The Monetary Policy Board of the Reserve Bank of Australia , "Central", headed by Bank Governor Philip Low, announced the decision to increase interest rates by 50 basis points to 1.35%, compared to 0.85% before the increase.

This is the third rate hike in a row and the second after it was increased by 50 basis points last month.

The governor of the Central Bank said that the resilience of the economy and the high rate of inflation means that there is no longer a need for the exceptional economic support measures that were approved during the emerging Corona virus pandemic.

The Bank expects to take further steps towards normalizing monetary policy conditions in Australia in the coming months.

Lu said the timing and size of the next rate hike would be determined on the basis of upcoming economic data and the Monetary Policy Board's assessment of inflation expectations and the state of the labor market.