We hope the Melbourne Cup brought you some joy today, because the Reserve Bank did not.
The narrative remains unchanged… at today’s meeting the Reserve Bank of Australia announced its decision to leave the cash rate unchanged at 4.35% yet again.
While headline inflation has declined significantly and is expected to remain low for a period of time, underlying inflation remains too high with economic forecasts indicating it will still be some time before inflation sits sustainably within the target range.
There is still a high level of uncertainty about the economic outlook within Australia and overseas, and the RBA remains steadfast in its determination to return inflation to target.
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