Australian central bank boosts rate for 3rd month in a row

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — Australia’s central bank has lifted its benchmark interest rate for a third time in three straight months, changing the cash rate to 1.35% from 0.85%. The Reserve Bank of Australia’s half a percentage point rise on Tuesday was the same size as its June increase. When the bank lifted the rate by a quarter percentage point at its monthly board meeting in May, it was the first rate hike in more than 11 years. Increases at the June and July board meetings were widely expected. Reserve Bank governor Philip Lowe said in May it was “not unreasonable” to expect the cash rate to climb to 2.5%.