Reserve Bank of Australia keeps interest rates steady
The Reserve Bank of Australia (RBA) did not change the interest rate in line with market expectations.
As expected, the Reserve Bank of Australia (RBA) kept benchmark lending rates at 4.35 percent in its fourth consecutive meeting.
Economists’ expectation was that the interest rate would not change.
The RBA Monetary Policy Committee pointed out that the latest information shows that inflation remains moderate, but its decline is slower than expected.
The statement said, “CPI increased by 3.6 percent throughout the year, from 4.1 percent in December to the March quarter. Headline inflation was above headline inflation and fell less. A large part of this was due to service inflation, which was still high and only gradually decreased.” “It was caused by inflation.”