Reserve Bank of Australia (RBA) said on Tuesday that it has voted to lift its cash rate by 25 basis points to 0.35%, its first such move since late 2010.
"The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected," Governor Philip Lowe commented in a statement.
The central lender also voted to hike its interest rate on Exchange Settlement balances from 0% to 0.25%, the monetary policy decision read.
