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Financial News: Australia Central Bank Holds Key Rate At 4.35%

Australia Central Bank Holds Key Rate At 4.35%

02/05/2024 - 23:06:00 (RTTNews)

(RTTNews) - The Reserve Bank of Australia decided to keep its benchmark rate unchanged, as widely expected, on Tuesday.

The policy board of the RBA, governed by Michele Bullock, decided to maintain the cash rate target at 4.35 percent.

The RBA board also maintained the interest rate paid on exchange settlement balances at 4.25 percent.

The RBA has increased its cash rate target by 425 basis points since May last year. The current 4.35 percent is the highest since late 2011.

Although recent data suggests that inflation is easing, it remains high, the bank said. "The Board expects that it will be some time yet before inflation is sustainably in the target range," the bank added.

"The path of interest rates that will best ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks, and a further increase in interest rates cannot be ruled out," the bank said.

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