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 from the setback caused by the Delta outbreak. High rates of vaccination and substantial policy support are underpinning this recovery.
• Inflation has increased, but, in underlying terms, is still low, at 2.1 per cent.
• Globally, bond yields have declined over the past month due to concerns about the Omicron variant.
• 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 : 07 Dec 2021