Whilst interest rates in the USA have been slashed and pressure grows for cuts in the UK, Australia has raised interest rates to an 11-year high of 7%, as part of efforts to control rising inflation. Australia's resource-rich economy has continued to expand due to a sustained rally in commodity prices. The Reserve Bank of Australia has raised the cost of borrowing 11 times since 2002. "Having both the international and domestic information available, the board concluded that a tighter monetary policy stance was needed now," said Glenn Stevens, the bank's governor. Inflation is running at an annual rate of 3.6%, above the bank's comfort zone of 2% to 3%.
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