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Statement by the Reserve Bank Board: Monetary Policy Decision
At its meeting today, the Board decided to leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per cent. Inflation continues to moderate but remains high. Inflation continued to ease in the December quarter. Despite this progress, inflation remains high at 4.1 per cent. Goods price inflation was lower than the RBA’s November forecasts. It has continued to ease, reflecting the resolution of earlier global supply chain disruptions and a moderation in domestic demand for goods. Services price inflation, however, declined at a more gradual ... (full story)
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RBA holds cash rate at 4.35%, as expected - Says further hike cannot be ruled out
Prior was 4.35%. • While recent data indicate that inflation is easing, it remains high. The Board expects that it will be some time yet before inflation is sustainably in the target range. • Inflation continued to ease in the December quarter. • Despite this progress, inflation remains high at 4.1 per cent. • Goods price inflation was lower than the RBA’s November forecasts. • Services price inflation, however, declined at a more gradual pace in line with the RBA’s earlier forecasts and remains high. • While there have been favourable signs on goods price inflation abroad, services price inflation ... (full story)
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Reserve Bank keeps cash rate on hold, dashing household borrowers’ hopes of reprieve
The Reserve Bank has spared borrowers fresh pain, but households holding out for rate cuts have had their hopes dashed with relief still expected to be months away. In a statement after the decision was announced at 2.30pm on Tuesday, the RBA said “a further increase in interest rates cannot be ruled out.” “The path of interest rates that will best ensure that inflation returns to target in a reasonable time frame will depend upon the data and the evolving assessment of risks,” the statement said. Ahead of the decision, the central bank was almost universally expected to keep the cash rate on hold at 4.35 per ... (full story)