For the first time in its history, the Reserve Bank of Australia increased interest rates by 50 basis points in two meetings.

The RBA raised interest rates this morning after the Bank of Israel made the biggest rate hike since 2011, when Stanley Fischer was chairman of the central bank. The bank, which increased interest rates in 3 meetings, increased the policy rate to 1.35%, the highest level since May 2019.

With this decision, the RBA has increased interest rates by a total of 125 basis points since May, and for the first time in the bank’s history, it has increased interest rates by 50 basis points in two non-stop meetings.

“The Board expects to take further steps in the process of normalizing monetary conditions in Australia in the coming months,” RBA Chairman Philip Lowe said after the decision.