As expected, the Reserve Bank of Australia (RBA) kept the official cash rate (OCR) on hold at 4.10% at Tuesday’s Monetary Policy Meeting.
Governor Phil Lowe, at his final meeting as governor, said that “higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so”.
He also said that holding would give the RBA “further time to assess the impact of the increase in interest rates to date and the economic outlook”.
