The RBA has left interest rates on hold at 4.1% but hasn’t ruled out the possibility of more hikes to come.
In a temporary reprieve from a long string of interest rate rises, Reserve Bank Governor Philip Lowe says today’s decision gives the Board time to further assess the state of the economy.
ABC news reports, “the board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that,” RBA Governor Philip Lowe said.
“Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable time frame, but that will depend upon how the economy and inflation evolve.”
Experts suggest a further two rate hikes could be likely, setting the cash rate target at 4.6 per cent by September.
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