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 of zero per cent.

• These measures will provide the continuing monetary support that the economy needs as it transitions from the recovery phase to the expansion phase.
• Despite the strong recovery in jobs and reports of labour shortages, inflation and wage outcomes remain subdued.
• Housing markets have continued to strengthen, with prices rising in all major markets.

The Board remains committed to maintaining highly supportive monetary conditions to support 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 : 06 Jul 2021