Australia's central bank on Tuesday raised its benchmark interest rate 25 basis points to 3.25%, saying it was prudent to gradually take back policy accommodation since the worst danger for the economy had passed. The rate hike coincides with commentary from economists at US investment bank Morgan Stanley, which sees a subtle but undeniable shift underway in the central bank community towards eyeing not only the end of easing, but the beginning of tightening. The Reserve Bank of Australia (RBA) announced its decision in a brief statement today, following its monthly policy meeting, making it the first of the G-20 central banks to hike.