{"text":[[{"start":8.92,"text":"Australia’s central bank has raised interest rates to an 18-year high as it warned that inflation remained above target in an economy grappling with high unemployment and a collapse in house prices."}],[{"start":20.66,"text":"The Reserve Bank of Australia on Tuesday opted to raise interest rates by 0.25 percentage points to 4.85 per cent, its fifth increase this year, as it said that the inflation outlook was now “materially higher”, with fuel, commodities and AI-related investments driving up prices."}],[{"start":39.96,"text":"The bank said it did not expect inflation to drop into its target range of 2 to 3 per cent — which it has been above for two years — until late next year, three quarters later than previously forecast."}],[{"start":52.4,"text":"Official data released last week showed underlying inflation — which strips out volatile items such as fuel — hit 3.6 per cent in the year to September, a slight increase on the month before, while overall inflation was up 4.3 per cent."}],[{"start":67.36,"text":"“Given the revised inflation outlook and the continuing upside risks, the board judged that a further tightening in financial conditions is warranted to support the return of inflation to target,” the RBA said in a statement."}],[{"start":80,"text":"The Australian dollar weakened 0.3 per cent to under US$0.70 following the announcement of the rise, which was widely expected, and was decided by a margin of 6-3."}],[{"start":91.38,"text":"The latest rate move, which arrived shortly before the start of the Melbourne Cup horse race, one of Australia’s biggest annual sporting events, added to growing concerns about the health of the economy with house prices slumping and unemployment rising to 4.7 per cent last month."}],[{"start":107.96,"text":"Economists at HSBC said last week that a fifth rate rise risked driving the economy into a recession, adding that it put the RBA in a “tough spot”."}],[{"start":117.54,"text":"The rate rise will also heap pressure on Prime Minister Anthony Albanese’s government after it signalled that it was preparing to cut public spending next month. The government has repeatedly pointed to external factors, including the war in the Middle East, as key factors driving inflation."}],[{"start":133.48,"text":"Albanese, speaking ahead of the RBA decision to reporters in Antigua at a Commonwealth leaders’ meeting, said: “Global inflation is having an impact because of the closure of the Strait of Hormuz.”"}],[{"start":144.24,"text":"Other central banks, including the US Federal Reserve, European Central Bank, Bank of Japan and the Reserve Bank of New Zealand, have opted to hold rates at their most recent meetings."}],[{"start":155.2,"text":"Shane Oliver, chief economist at AMP, said that the latest rate rise would add roughly A$110 (US$77) to mortgage interest for many homeowners. On top of previous moves, he said it would raise annual payments by A$6,600 (US$4,610) a year."}],[{"start":175.96,"text":"“[That] is a big impost and runs the risk that we may be close to a tipping point for some mortgage holders,” he said in a note."}],[{"start":188.4,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793685496_1828.mp3"}