Australia hikes key interest rate to 3.6%

Australia’s central bank increased its benchmark interest rate by another quarter-point to 3.6% Tuesday as it continues trying to tame inflation.

It was the 10th rate rise in a row by the Reserve Bank of Australia, bringing the rate to its highest point in 11 years. The increase will put more pressure on homeowners, with many already paying out hundreds of dollars each month more on their mortgages than they were a year ago.Australia's Treasurer Jim Chalmers said somebody with a half-million dollar mortgage would be paying an extra 1,000 Australian dollars per month after all the recent rate rises.