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RBA holds rates at 4.35% but warns of more pain
Published 1 week, 3 days ago
Description
The Reserve Bank of Australia has kept the cash rate on hold at 4.35% in a unanimous board decision, providing temporary relief after three rate increases earlier in the year. Governor Michele Bullock warned that inflation remains too high and further rate rises are not ruled out, while major banks are divided on predictions, with Commonwealth, NAB and ANZ forecasting two cuts next year, but Westpac predicting two more rises this year and no cuts until 2028. The government is set to decide next week whether to extend the 32-cent per litre fuel excise cut beyond its 30 June expiry date, as consumers tighten spending and businesses report customers seeking value over premium products.
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