Following its October monetary policy meeting, the Reserve Bank of Australia (RBA) board members decided to leave the Official Cash Rate (OCR) unchanged at 4.10%, as widely expected.
RBA keeps rate on hold at 4.1% at Governor Bullock's debut meeting
LATEST RBA MEASURES TO BATTLE INFLATION
The Reserve Bank of Australia (RBA) Assistant Governor (Financial Markets), Christopher Kent, did not sound keen on further rate hikes and said that monetary policy is slowing the growth of demand, and inflation.
"If we were to sell bonds, would do it in a way that would not disturb markets" and "The CPI data will be important, but it is not only consideration for policy" are some of RBA's Kent key takeaways.
In its bi-annual Financial Stability Review (FSR), the Reserve Bank of Australia (RBA) noted that “global financial stability risks are elevated and growing.”
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September RBA meeting review
Following its September monetary policy meeting, the Reserve Bank of Australia (RBA) announced no change to the Official Cash Rate (OCR), maintaining it at 4.10%, as widely expected.
August RBA meeting review
The Reserve Bank of Australia (RBA) board members decided to make no changes to the Official Cash Rate (OCR), leaving it at 4.10% at its August monetary policy meeting.
July RBA meeting review
At its July policy meeting, the Reserve Bank of Australia (RBA) board members decided to leave the Official Cash Rate (OCR) unchanged at 4.10%, disappointing the markets. The latest Reuters poll showed there was a near split among economists with 16 of 31 foressing another 25 bps rate hike to 4.35% at the July 4 meeting. The remaining 15 expected a pause.
June RBA meeting review
Following a surprise 25 basis points (bps) rate hike delivered in May, the Reserve Bank of Australia (RBA) board members decided to hike the Official Cash Rate (OCR) by another 25 bps to 4.10% at its June policy meeting, a hawkish surprise once again.
May RBA meeting review
At its May monetary policy meeting, the Reserve Bank of Australia (RBA) board members decided to lift the Official Cash Rate (OCR) by 0.25% to 3.85%. That said, market players widely anticipated the Aussie central bank’s inaction, which in turn gave rise to a strong reaction to the RBA's surprise move.
What is the RBA?
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
Who is RBA's president?
Michele Bullock is an Australian economist who is currently governor of the Reserve Bank of Australia. She commenced as governor on 18 September 2023, and is the first woman to hold the role. She is Chair of the Reserve Bank Board, Payments System Board and Council of Financial Regulators. Prior to her current role, Ms Bullock was the Deputy Governor of the Reserve Bank of Australia.
Interest rates latest news
The World Interest Rates Table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.