Welcome, readers, to Afternoon Update.
Australian borrowers have been granted some additional breathing space today with the RBA holding interest rates steady for the third month in a row.
The cash rate will stay at 4.35%, a 12-year high, in a move that was widely anticipated by economists. While the inflation rate does appear to be tapering off, the RBA accepts that it “remains high”, and the timeline for when it will enter the target range of 2-3% is uncertain.
“This decision is a reflection of the good progress we’re making as a country in the fight against inflation,” the treasurer, Jim Chalmers, told parliament. “It gives us confidence that inflation is moderating in welcome and encouraging ways.”
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Main image: RBA governor Michele Bullock. Credit: Dean Lewins/AAP
