Reserve Bank of Australia Holds Interest Rates Steady at 12-Year High

RBA Governor Michele Bullock maintains a cautious stance, stating further rate hikes will depend on economic data and risk assessments.

The Reserve Bank of Australia (RBA) has held interest rates steady at a 12-year high of 4.35%.
The decision provides relief to mortgage holders, many of whom have seen their monthly payments increase by over A$1,000 ($662) a month due to elevated costs of living.
RBA Governor Michele Bullock has maintained a watered-down tightening bias, stating that further rate hikes will depend on economic data and risk assessments.
Markets are predicting early and aggressive rate cuts from the U.S. Federal Reserve and the European Central Bank in 2024, while the RBA is expected to cut by 15 basis points late next year.
Inflation in Australia is not forecast to return to the bank's 2% to 3% target until late 2025.