Reserve Bank of Australia (RBA) on Tuesday decided to leave the cash rate target unchanged at 4.10 percent for the fourth month in a row, with the interest rate paid on Exchange Settlement balances also steady at 4 percent. Having hosted her first monetary policy meeting as the central bank’s governor, Michele Bullock said in a statement that higher interest rates are working to establish a more sustainable balance between supply and demand.
Despite the fact that inflation in Australia is “still too high” and will remain so for some time, the governor underlined that recent data are consistent with the forecast of the Consumer Price Index (CPI) returning to its 2 percent to 3 percent target range in late 2025.—Xinhua
