Statement by Michele Bullock, Governor: Monetary Policy Decision

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Summary:

The Reserve Bank of Australia (RBA) has kept the cash rate unchanged at 4.10% and the interest rate on Exchange Settlement balances at 4.00% due to uncertainties surrounding the economic outlook. The RBA aims to return inflation to the 2-3% target range, which is still too high, and expects it to ease further over the forecast period. The economy has experienced below-trend growth, and high inflation has weighed on people's real incomes and household consumption. The Board will continue to monitor global economic trends, household spending, and the outlook for inflation and the labour market, and may need to tighten monetary policy further to ensure inflation returns to target in a reasonable timeframe.