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The Reserve Bank of Australia (RBA- central bank of Australia) raised its key interest rates by 25 basis points, bringing them to 3.1%, a record in the last ten years. For the central bank, committed like many others in the rest of the world to calming the race of inflation, today was the eighth rate hike in recent months, which brought the amount of monetary tightening to 300 basis points from May. The RBA has confirmed its intention to proceed further in the phase of rate hikes. “The size and timing of future interest rate hikes will continue to depend on incoming data and the board’s assessment of the inflation and labor market outlook,” the statement read.