As many predicted, the Reserve Bank of Australia has announced its decision to leave the cash rate unchanged at 4.35%.
In a statement released today, the RBA said inflation remains persistently higher than the preferred 2–3 per cent target range and current forecasts suggest it may not reach a sustainable target until 2026. Inflation has now remained above the midpoint of the target for 11 consecutive quarters, and has fallen very little over the past year.
There remains a high level of uncertainty about the economic outlook within Australia and abroad, and the RBA remains steadfast in its determination to return inflation to target.
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