RBA announces they are keeping the cash rate unchanged
The Reserve Bank of Australia (RBA) has decided to maintain the cash rate at 3.60% during its latest board meeting. This decision was widely expected, given the recent monthly consumer price index (CPI) results, which showed annual headline inflation at 3% and trimmed mean inflation at 2.6%. These figures are still within the 2-3% target range, and the Board remains cautious and will continue assessing data to guide its decisions.
The Reserve Bank of Australia (RBA) is focused on balancing growth, inflation, and employment to ensure that Australia continues on a path of stability. This year, the RBA implemented three cash rate cuts in February, May, and August. Since the beginning of the year, the cash rate has been reduced by 75 basis points. These reductions have impacted some Australian households with variable rates by lowering their minimum monthly mortgage repayments.
The Reserve Bank of Australia’s next schedule meeting
Looking ahead, the next meeting is November 3rd and 4th, where further monetary policy decisions will be discussed.