Australian central bank hikes interest rate

Australia's central bank on Wednesday raised interest rates by 0.25 points to an 11-year high of 6.75 per cent in a move that could deal a fresh blow to Prime Minister John Howard's re-election hopes.

By Agencies | Nov 07, 2007, 07.00 AM IST

SYDNEY: Australia's central bank on Wednesday raised interest rates by 0.25 points to an 11-year high of 6.75 per cent in a move that could deal a fresh blow to Prime Minister John Howard's re-election hopes.

The widely predicted rise, aimed at curbing inflationary pressures, marked the first ever hike during a general election campaign and comes as embattled Howard fights for his political life ahead of a November 24 poll.

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