Australia’s central bank considered the case for raising interest rates this month, but decided to leave them unchanged for a third straight meeting, underscoring a higher hurdle to further policy tightening.
The Reserve Bank opted to stand pat amid concerns its rapid-fire hikes since May 2022 that took the cash rate to 4.1% could slow the economy more sharply than forecast, minutes of the Sept. 5 meeting, Philip Lowe’s last as governor, showed Tuesday. Members pointed to lags in policy transmission while noting higher borrowing costs are already beginning to align demand with supply.
“Some further tightening in policy may be required should inflation prove more persistent than expected,” the RBA said. “In assessing the need for such a move, members affirmed that they will be guided by the incoming data and how these alter the economic outlook and the assessment of risks.” The RBA reiterated that recent data signaled the economy remains on a narrow path in which inflation returns to target while employment and the economy continue to grow.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
North Korean state media says Kim Jong Un discussed arms cooperation with Russian defense ministerNorth Korean leader Kim Jong Un held discussions with Russia's defence minister on strengthening 'strategic and tactical coordination' between the countries' militaries, the North's state media said Sunday, as Kim continued a visit to Russia's Far East that has raised concerns about an arms alliance that would fuel Moscow's war on Ukraine.
Read more »
North Korean state media says Kim Jong Un discussed arms cooperation with Russian defense ministerNorth Korean leader Kim Jong Un held discussions with Russia's defense minister on strengthening “strategic and tactical coordination” between the countries' militaries, the North's state media said Sunday, as Kim continued a visit to Russia's Far East that has raised concerns about an arms alliance that would fuel Moscow's war on Ukraine.
Read more »
North Korean state media says Kim Jong Un discussed arms cooperation with Russian defence ministerNorth Korean leader Kim Jong Un held discussions with Russia's defence minister on strengthening 'strategic and tactical coordination' between the countries' militaries, the North's state media said Sunday, as Kim continued a visit to Russia's Far East that has raised concerns about an arms alliance that would fuel Moscow's war on Ukraine.
Read more »
Bullock Takes Helm at RBA With Communications Set for Early TestMichele Bullock beat other candidates to become Australia’s first female central bank governor in part because of her communications skills. They’re set to be tested as the Reserve Bank embarks on its biggest overhaul in decades.
Read more »
RBA considered raise in Sept but wants more time to assess past hikesSYDNEY, Sept 19 (Reuters) - The Reserve Bank of Australia considered a 25 basis point hike in interest rates before eventually deciding to hold the ...
Read more »
RBA considered raise in Sept but wants more time to assess past hikesThe Reserve Bank of Australia considered a 25 basis point hike in interest rates before eventually deciding to hold the benchmark cash rate unchanged at 4.1%, the minutes of the central bank’s September meeting released on Tuesday showed. The board noted that weak productivity growth and high services prices inflation were evidence of a case for an increase in interest rates, but that these were ultimately outweighed by the risk that the effects of a tightening cycle that only began in May last year have yet to be felt. “The recent flow of data was consistent with inflation returning to target within a reasonable timeframe while the cash rate remained at its present level,” the minutes showed.
Read more »