At its meeting today, the Board decided to leave the cash rate target unchanged at 4.10 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.00 per cent.

• Inflation in Australia has passed its peak and the monthly CPI indicator for July showed a further decline.
• The Australian economy is experiencing a period of below-trend growth and this is expected to continue for a while.
• Returning inflation to target within a reasonable timeframe remains the Board’s priority. High inflation makes life difficult for everyone and damages the functioning of the economy.
• Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risks.

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

Published : 05 Sep 2023