(Bloomberg) -- 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.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadDiamond Prices Are in Free Fall in One Key Corner of the MarketWhy China Is Avoiding Using ‘Bazooka’ to Spur EconomyThe Reserve Bank held its cash rate at 4
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.
The Australian dollar was little changed after the decision, trading at 64.30 US cents at 2:31 p.m. in Sydney. Figures last week showed a faster-than-expected slowing in monthly inflation even as Australia’s job market — like many in the developed world — shows surprising resilience. Underscoring the need for caution, Australian households remain among the most leveraged in the developed world, with a debt-to-income ratio of 188%.There are also concerns offshore as China, Australia’s biggest trading partner and a key driver of the global economy, is engulfed in a housing crisis. Weaker Chinese demand is flowing through to key commodity prices like iron ore and coal that generate much of Australia’s wealth.
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