At its meeting today, the Board decided to leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per cent.

• Last month, the Board increased interest rates by 25 basis points, following a period of four months where it had held interest rates steady.
• Higher interest rates are working to establish a more sustainable balance between aggregate supply and demand in the economy. 
• Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks.

To view the full statement of Michele Bullock, Governor of the Reserve Bank, please click here.

Published : 05 Dec 2023