Australia surprises observers by holding rates
Board keeps policy rate at 3.85% in split vote, citing higher-than-expected inflation
Australia’s central bank has left its policy rate unchanged in a move that surprised economists, who had been widely predicting a cut.
The Reserve Bank of Australia said in a statement today (July 8) that its monetary policy board had voted to keep the policy rate at 3.85% after considering inflation data, global tariff risks and domestic economic forecasts. The bank said six board members had voted to hold rates, while three had opted for a cut.
The RBA noted that its policy rate was currently 0
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