RBA continues to hold rates under new governor

‘Some further tightening of monetary policy may be required,’ Bullock says

Reserve Bank of Australia
Photo: Alex Towle

The Reserve Bank of Australia (RBA) kept interest rates unchanged at its monetary policy meeting today (October 3), the first under new governor Michele Bullock.

The bank rate remains 4.1%, where it has been since June. Between May 2022 and June 2023, the RBA’s board raised rates at every meeting but one, for a total of 400 basis points of increases.

In her statement, Bullock said RBA leaders chose to hold given how much tightening it had already undertaken, and “the uncertainty surrounding

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