RBA HOLDS CASH RATE AT 4.10%
The Reserve Bank of Australia (RBA) kept the cash rate at 4.10% at its July monetary policy meeting.
The decision comes shortly after the Australian Bureau of Statistics released data showing annual inflation fell to 5.6% in May from 6.8% in April. This suggests the central bank’s 12 previous cash rate increases are having the intended effect.
Inflation still remains significantly higher than the RBA’s 2-3% target range so more cash rate rises may still be necessary to slow the economy further.