The United Kingdom is set to join the trans-Pacific free trade pact - Here's what you need to know

At its meeting today, the Board decided to leave the cash rate target unchanged at 3.60 per cent and the interest rate on Exchange Settlement balances unchanged at 3.50 per cent. This decision follows a cumulative increase in interest rates of 3½ percentage points since May last year. The Board recognises that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt. The Board took the decision to hold interest rates steady this month to provide additional time to assess the impact of the increase in interest rates to date and the economic outlook. Global inflation remains very high. In headline terms it is moderating, although services price inflation remains high in many economies. The outlook for the global economy remains subdued, with below-average growth expected this year and next. The recent banking system problems in the United States and Switzerland have resulted in volatility in financial markets and a reassessment of the outlook for global interest rates. These problems are also expected to lead to tighter financial conditions, which would be an additional headwind for the global economy. The Australian banking system is strong, well capitalised and highly liquid. It is well placed to provide the credit that the economy needs. A range of information, including the monthly CPI indicator, suggests that inflation has peaked in Australia. Goods price inflation is expected to moderate over the months ahead due to global developments and softer demand in Australia. Meanwhile, rents are increasing at the fastest rate in some years, with vacancy rates low in many parts of the country. The prices of utilities are also rising quickly. The central forecast is for inflation to decline this year and next, to around 3 per cent in mid-2025. Medium-term inflation expectations remain well anchored, and it is important that this remains the case. Growth in the Australian economy has slowed, with growth over the next couple of years expected to be below trend. There is further evidence that the combination of higher interest rates, cost-of-living pressures and a decline in housing prices is leading to a tweet at 12:31am: RBA: Board Expects That Some Further Tightening of Monetary Policy May Well Be Needed RBA: Board Took the Decision to Hold Interest Rates Steady This Month to Provide Additional Time to Assess the Impact of the Increase in Interest Rates to Date and the Economic Outlook. tweet at 12:30am: RBA: BOARD RECOGNISES THAT MONETARY POLICY OPERATES WITH A LAG AND THAT THE FULL EFFECT OF THIS SUBSTANTIAL INCREASE IN INTEREST RATES IS YET TO BE FELT. #News #Markets #RBA #capitalhungry tweet at 12:32am: RBA: Inflation Has Peaked in Australia, Goods Price Inflation is Expected to Moderate Over the Months Ahead - Growth in the Australian Economy Has Slowed - As Economic Growth Slows, Unemployment is Expected to Increase - Labour Market Remains Very Tight