RBA HOLDS CASH RATE AT 4.35%
Interest Rate Decision:
- The Reserve Bank of Australia (RBA) decided to maintain the country’s official interest rate at 4.35% during its May monetary policy meeting.
- This interest rate level has been in place since last November.
Inflation Trends:
- The latest data from the ABS indicates that annual inflation fell to 3.6% in the March 2024 quarter.
- This is the fifth consecutive quarter in which inflation has eased.
Economic Outlook:
- Despite the cooling effect of higher interest rates on the economy, RBA Governor Michele Bullock has cautioned that the “war isn’t won, yet.”
- The RBA remains cautious and is not ruling out any further adjustments to interest rates.
Read the full statement here.