RBA Holds Key Rate to Counter Elevated Inflation Pressures

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Australia’s central bank kept its key interest rate unchanged on Tuesday, wagering that higher unemployment and a weakening property market will weigh on economic activity sufficiently to cool inflation. The Reserve Bank board chaired by Governor Michele Bullock held the cash rate at 4.35% for a second straight meeting, in a unanimous decision that had been widely anticipated. The RBA has failed to reach the midpoint of its 2-3% inflation target for about five years.

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