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.

• Recent information indicates that inflation continues to moderate, but is declining more slowly than expected.
• The persistence of services inflation is a key uncertainty. It is expected to ease more slowly than previously forecast, reflecting stronger labour market conditions including a more gradual increase in the unemployment rate and the broader under utilisation rate.
• The economic outlook remains uncertain and recent data have demonstrated that the process of returning inflation to target is unlikely to be smooth.

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

Published : 07 May 2024