At the last meeting chaired by Governor Philip Lowe, the Reserve Bank of Australia held rates at 4.10%, and said recent data were consistent with inflation returning to the 2–3% target range in late 2025
Australia’s central bank on Tuesday kept interest rates steady for a third month at the last meeting chaired by Governor Philip Lowe, encouraging speculation the tightening cycle was over as policy-makers indicated they have a firmer grip on prices.
The Australian dollar extended earlier losses to be 1.2 per cent off to $0.6384, the lowest in more than a week. Markets moved to trim bets of one last hike before the year-end to just 30 per cent from around 36 per cent early in the session. Lowe said the board will continue to monitor the global economy – noting uncertainty with the Chinese economy, household spending, and the outlook for inflation and the labour market to see if further tightening would be needed.Minutes of the August meeting showed the central bank now sees a credible path where inflation would return to the target band in 2025, with interest rates at their current level, implying the hurdle to another hike is high.
The RBA has jacked up interest rates by a whopping 400 basis points since May last year, with the cash rate sitting at 11-year highs, but the full impact of the tightening is only being felt now as inflation eases and economic growth slows.
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