SYDNEY — The Reserve Bank of Australia continues to warn that further interest-rate increases may be needed if it sees signs that inflation isn’t under control.
“The board has a low tolerance for a slower return of inflation to target than currently expected,” the RBA said. The bank is aiming to return inflation to its 2%-3% target. The decision to hold centered on the belief that the impact of prior increases won’t become fully evident for some months. Any further rise depends on upcoming economic data, the RBA said.“Members observed that, prior to the November meeting, they would receive additional data on economic activity, inflation and the labor market, as well as a set of revised staff forecasts,” the RBA said.
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