Interest rates will be held at 4.35 per cent, the Reserve Bank of Australia has announced. It comes after the RBA made 13 interest rate hikes across 2022 and 2023. The cash rate has remained unchanged in 2024 and the hold was widely anticipated by economists. In a statement, the RBA noted inflation had fallen since its peak in 2022, but remained above the 2-3 per cent target range.
"Returning inflation to target within a reasonable timeframe remains the Board’s highest priority," the statement said. The RBA said it is expected to take "some time" before inflation is sustainably in the target range, and said the Board was "not ruling anything in or out".
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