Relief for home-owners today as the Reserve Bank Board announced its decision not to raise interest rates, leaving the cash rate unchanged at 4.35 per cent.
While inflation remains high, it is moderating albeit at a slower rate than expected, with the consumer price index increasing by 3.6 per cent in the March quarter. Returning inflation down to a 2-3 per cent target within a reasonable timeframe remains the Board’s highest priority.
The Board expects it will be some time yet before inflation is sustainably in the target range and says the path interest rates will take to ensure inflation returns to target remains uncertain.
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