RBA Cash Rate Announcement April 2023

The Reserve Bank of Australia has left the cash rate on hold this month at 3.60 per cent, pausing after ten consecutive increases.

Read today’s official statement on the RBA’s website.

Following the release of the latest inflation figures from the Australian Bureau of Statistics (ABS), it was predicted that a cash rate pause would take place.

The ABS's monthly consumer price index showed annual inflation of 6.8 per cent over the year to February – down from 7.4 per cent in January and a peak of 8.4 per cent in December.

This may just be a temporary reprieve – RBA Governor Philip Lowe has previously said the board would do what was necessary to get inflation back under control.

“The board is seeking to return inflation to the 2–3 per cent range while keeping the economy on an even keel, but the path to achieving a soft landing remains a narrow one,” he said.

“The board expects that further increases in interest rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary.”

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