The Australian central bank announced another interest rate hike on the 7th, raising the benchmark interest rate by 50 basis points to 0.85%, while continuing to raise the foreign exchange settlement balance interest rate by 50 basis points to 0.75% from 0.25%. After the outbreak of the COVID-19, the Central Bank of Australia has cut interest rates three times, reducing them to a historical low of 0.1%. However, the recent rise in domestic inflation in Australia has forced the central bank to raise interest rates continuously for two months. In his monthly monetary policy statement on the same day, the governor of the Bank of Australia, Philip Lowe, said that the resilience of the Australian economy and its inflation level no longer require unconventional support policies. He said that although Australia's inflation level was lower than that of most developed economies, its growth had exceeded expectations. The tight supply chain, the conflict between Russia and Ukraine, as well as the limited capacity of some industries in Australia and the tight labor market are all factors contributing to the rise in prices. In an interview with Xinhua news agency, Andrew grant, an economist at the University of Sydney, said that monetary policy regulation is not expected to have much impact on the current high food and energy prices, and the Central Bank of Australia may still continue to raise interest rates. Luo said that the board of directors of the central bank will continue to take measures to gradually normalize the monetary environment in the next few months, and will also determine the timing and scale of future interest rate hikes based on the latest economic data and its assessment of inflation and the prospects of the labor market. (Xinhua News Agency)