The Reserve Bank of Australia has hinted at the decisions they will be making next year on the cash rate, which they increased eight consecutive times in 2022.
The minutes also revealed the board considered three different options before deciding on a 25 basis points increase at its December meeting - which took the cash rate to its highest level since November 2012.
"The arguments for a 50 basis point increase stemmed from the fact that inflation remained too high and the economy continued to operate with excess demand," the minutes said. "Finally, the arguments for no change in the cash rate placed further emphasis on the lagged effects of the large policy adjustment to date, and the value in proceeding cautiously in an uncertain environment.
"Members emphasised that the Board's priority is to re-establish low inflation and return inflation to the 2 to 3 per cent target range over time. High inflation damages the economy and makes life more difficult for people," the minutes said.
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