Australia’s central bank kept its key interest rate unchanged and maintained a tightening bias as Governor Philip Lowe wrapped up his final meeting at the helm with inflation in retreat.
The Reserve Bank held its cash rate at 4.1% for a third straight meeting on Tuesday in a decision widely anticipated by markets and economists. The consecutive pauses imply a higher hurdle for any further hikes and suggest a surprise shift in economic data will be needed to prompt additional tightening.
Lowe has moved at a slower pace than most of his major counterparts, reflecting rapid pass-through of hikes to Australian borrowers who are mainly on floating-rate mortgages, as opposed to the typical US 30-year fixed rate. His judgment call of 4 percentage points of hikes compared with the Federal Reserve’s 5.25 appears to be paying off with inflation now steadily cooling.
Underscoring the need for caution, Australian households remain among the most leveraged in the developed world, with a debt-to-income ratio of 188%.
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