RBA hikes OCR by 50 bps to 1.35%, as expected

At its July 5 monetary policy meeting, the Reserve Bank of Australia (RBA) board members decided to raise the official cash rate (OCR) by 50 basis points (bps) from 0.85% to 1.35%, as widely expected.

A Reuters poll of 33 economists showed the RBA will increase its cash rate by another 50 bps to 1.35% in July. One economist predicted a 25 bps hike.