The Reserve Bank of Australia (RBA) – Australian central bank raised its key cash rate by a quarter of a percentage points to 4 percent, effective Mar.3,2010, following its board meeting Tuesday, Xinhua News Agency reported.

RBA governor Glenn Stevens declared after the meeting that "it is appropriate for interest rates to be closer to average," which would benefit a recovering economy He also said Australia was gradually withdrawing its economic stimulus plan and measures as economic growth picked up.

According to Stevens, economists in the meeting believed Australia's economic conditions in 2009 were stronger than expected.

The RBA has kept the official cash rate on hold at 3.75 percent since Oct. 2009 when RBA began to raise its rates. Analysts in this country said the rise was appropriate based on the current economic situation.

Full article in Chinese: http://www.caijing.com.cn/2010-03-02/110387829.html