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The Reserve Bank has held interest rates, despite acknowledging stubbornly high inflation, in its third decision of the year. Tuesday’s decision means the cash rate will remain at 4.35 per cent, as it has been since the most recent hike last November.
announces interest rate hold. Economists largely anticipated the decision, with 36 out of 37 surveyed by Reuters predicting a hold. Each of the big four banks had also forecasted a hold. Making the announcement, RBA Governor Michele Bullock said in a statement that inflation was “declining more slowly than expected”. “Returning inflation to target within a reasonable timeframe remains the board’s highest priority,” she said.
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