The Reserve Bank has kept the cash rate on hold at 4.1 per cent but warned further rises may be necessary, amid new forecasts inflation will not fall below 3 per cent until late 2025.
“In light of this and the uncertainty surrounding the economic outlook, the board again decided to hold interest rates steady this month.” The next board meeting on September 5 will be Dr Lowe’s last, after Treasurer Jim Chalmers announced last month the RBA’s eighth governor would Tuesday’s rate pause – the third in a cycle in which the RBA has delivered 12 rate increases across 15 meetings – was not a foregone conclusion.
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