Australian Reserve Bank Contemplated 50 Basis Point Rate Hike For February

Pedestrians walk past the Reserve Bank of Australia (RBA) head office in Sydney, Australia, on Nov. 1, 2022. AAP Image/Bianca De Marchi

The Reserve Bank considered a larger 50 basis point interest rate hike in February to counter persistent inflation; it’s been revealed.

The central bank’s board deliberated over the move as well as a 25-point increase to the official cash rate earlier in the month but ultimately landed on the smaller rise.