At its meeting today, the Board of the Reserve Bank of Australia have decided to maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances at zero per cent.

• The global economy is continuing to recover from the pandemic. However, the war in Ukraine is a major new source of uncertainty.
• The Australian economy remains resilient and spending is picking up following the Omicron setback.
• Inflation has picked up more quickly than the RBA had expected, but remains lower than in many other countries.
• Financial conditions in Australia continue to be highly accommodative. Interest rates remain at a very low level, although some fixed rates have risen recently.

The Board is committed to maintaining highly supportive monetary conditions to achieve its objectives of a return to full employment in Australia and inflation consistent with the target.

To view the full statement of Philip Lowe, Governor of the Reserve Bank, please click here.

Published : 01 Mar 2022