RBA interest rates: Reserve Bank holds cash rate at 4.35% as house prices continue to fall
In a widely expected decision, the Reserve Bank of Australia holds interest rate after three consecutive hikes Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast The Reserve Bank has held the cash rate at 4.35% in a widely expected decision despite persistent worries about elevated inflation. The announcement comes amid a steep…
The Reserve Bank of Australia has held the cash rate at 4.35%. This decision was widely expected after three consecutive rate hikes earlier in the year.
The rate hold comes amid concerns about elevated inflation and a decline in property prices in Sydney and Melbourne. According to The Guardian Australia, there has been a steep decline in property prices in these cities after three rate hikes earlier this year and major reforms to investor taxes.
The Reserve Bank's monetary policy board also released its updated economic forecasts, including inflation, growth, and unemployment outlooks, in its quarterly Statement on Monetary Policy. RBA governor Michele Bullock held a press conference following the announcement.
Brief written by urgent.news from The Guardian Australia, WSJ Economy, The Guardian, ABC News AU — 4 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.
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