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Australian central bank hikes rate for 1st time in 11 years

A woman walks past the outside of the Reserve Bank in Sydney, Australia, Tuesday, May 3, 2022. Australia's central bank lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35%. (AP Photo/Mark Baker)

People walk past the outside of the Reserve Bank in Sydney, Australia, Tuesday, May 3, 2022. Australia's central bank lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35%. (AP Photo/Mark Baker)

Workers walk past outside of the Reserve Bank in Sydney, Australia, Tuesday, May 3, 2022. Australia's central bank lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35%. (AP Photo/Mark Baker)

A woman runs up steps outside the Reserve Bank in Sydney, Australia, Tuesday, May 3, 2022. Australia's central bank lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35%. (AP Photo/Mark Baker)

A house is advertised for auction in Sydney, Australia, Tuesday, May 3, 2022. Australia's central bank lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35%. (AP Photo/Mark Baker)

A sold sign outside a house in Sydney, Australia, Tuesday, May 3, 2022. Australia's central bank lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35%. (AP Photo/Mark Baker)

A television journalist reports from outside the Reserve Bank in Sydney, Australia, Tuesday, May 3, 2022. Australia's central bank lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35%. (AP Photo/Mark Baker)

FILE - A man walks past the Reserve Bank of Australia building in Sydney, Australia, Oct. 7, 2021. Australia’s central bank on Tuesday, May 3, 2022, lifted its benchmark interest rate for the first time in more than 11 years. The cash rate rose from 0.1% to 0.35%. (AP Photo/Mark Baker, File)

Australian central bank hikes rate for 1st time in 11 years