The Reserve Bank of Australia raised interest rates for the third straight month by 25 basis points to reach 3.75% meeting analyst's expectations. Today's decision came to prove that the Australian economy revived through the worst stage of the financial crisis and it started to rebound again.

The RBA said the economy entered a new upswing and it is anticipated to last for several years backed by rising consumer confidence and increasing demand from China. Yet, the Australian economy managed to expand 1% in the first half of this year supported by recovering exports and increasing consumer spending, besides the government's stimulus plan.