Interest rates will remain at this level for another six weeks at least, until the RBA Board's next meeting in early August.
It comes after recent data showed the trend unemployment rate ticked up in May, from 3.9 per cent to 4.0 per cent, which is its highest level in two years. "Broader data indicate continuing excess demand in the economy, coupled with elevated domestic cost pressures, for both labour and non-labour inputs," the Board said.
"But the pace of decline has slowed in the most recent data, with inflation still some way above the midpoint of the 2–3 per cent target range.
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