Financial News: Australia Keeps Key Rate Unchanged As Expected

Australia Keeps Key Rate Unchanged As Expected

09/24/2024 - 00:57:00 (RTTNews)

(RTTNews) - Australia's central bank left its interest rate unchanged at a 12-year high as widely expected on Tuesday.

The policy board of the Reserve Bank of Australia governed by Michele Bullock decided to maintain the cash rate target at 4.35 percent.

The previous change in the interest rate was in November 2023, when it was lifted by 25 basis points to the highest level since late 2011.

The interest rate paid on Exchange Settlement balances was kept unchanged at 4.25 percent.

The board reiterated the need to remain vigilant to upside risks to inflation and the board is not ruling anything in or out.

The policy will need to be sufficiently restrictive until the Board is confident that inflation is moving sustainably towards the target range, the bank said.

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