At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 3.60 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 3.50 per cent.

• Growth in the Australian economy has slowed, with GDP increasing by 0.5 per cent in the December quarter and 2.7 per cent over the year.
• The labour market remains very tight, although conditions have eased a little. The unemployment rate remains at close to a 50-year low.
• Wages growth is continuing to pick up in response to the tight labour market and higher inflation.

The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.

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

Published : 07 Mar 2023