- Prior 4.10%
- Inflation in Australia has passed its peak
- But inflation is still too high and will remain so for some time yet
- The Australian economy is experiencing a period of below-trend growth
- Returning inflation to target within a reasonable timeframe remains the priority
- There are significant uncertainties around the outlook
- Services price inflation has been surprisingly persistent overseas and the same could occur in Australia
- Some further tightening of monetary policy may be required
- Will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market
- Full statement
All things considered, it's a rather muted reaction by the aussie to the RBA decision today and that is to be expected. It is quite a straightforward one with the central bank not really changing their stance since August and kept the cash rate unchanged once again.
AUD/USD is still down 0.5% on the day at 0.6424 after being pressured lower earlier in Asia amid China worries.
