RBA holds rates as inflation stays above target

Australian governor says rate-setters did not discuss a cut and forecasts rising real incomes

The Reserve Bank of Australia
Rachael King

The Reserve Bank of Australia (RBA) left its policy rate unchanged at 4.35% today (June 18) for the fifth straight meeting, amid enduring above-target inflation.

In a statement, the RBA said inflation remains above its 2–3% target and is proving persistent, despite having fallen significantly since its peak in 2022. “Inflation is easing but has been doing so more slowly than previously expected and it remains high,” the RBA said.

Consumer price index (CPI) inflation was 3.6% in April year on year

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