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 Australian economy is recovering after the interruption caused by the Delta outbreak.
• Inflation has picked up, but in underlying terms is still low, at 2.1 per cent
• The decision to discontinue the yield target reflects the improvement in the economy and the earlier-than-expected progress towards the inflation target.

The Board is committed to maintaining highly supportive monetary conditions to achieve 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 : 02 Nov 2021