After raising interest rates three times in quick succession in late 2009, the Reserve Bank of Australia (RBA) increased interest rates again in March – the first rate hike for 2010.
According to the Australian Bureau of Statistics (ABS), retail sales rose a higher-than-expected 1.2% to $20.14 billion in January – up from $19.91 billion in December. After the ABS announced strong growth in retail sales, the Reserve Bank decided to raise the official cash rate to 4.00%, marking the fourth rate rise in five RBA meetings.
