RESERVE BANK OF AUSTRALIA MINUTES SHOW ALL BOARD MEMBERS AGREED ON THE NEED TO RAISE RATES BY 25 BASIS POINTS, WITH THE BOARD CONCERNED THAT EXCESS DEMAND IN THE ECONOMY WAS GREATER THAN PREVIOUSLY ASSUMED AND SEEING AN INCREASED RISK OF PERSISTENTLY ELEVATED INFLATION, AS SOME UPSIDE RISKS HAD ALREADY MATERIALISED OR WERE BUILDING SINCE AUGUST AND THE MIDDLE EAST CONFLICT HAD ESCALATED WITH OIL PRICES WELL ABOVE ASSUMED LEVELS. ...