MNI BRIEF: RBA Holds At 4.35% On Light Data

The Reserve Bank of Australia board held the cash rate at 4.35% on Tuesday, following its last meeting of 2024, in line with market expectations.

RBA Governor Michele Bullock noted in a statement the RBA had received little domestic economic data since its November decision, while the October monthly CPI result had shown inflation continued to moderate. She said, however, the figures did not provide an insight into services inflation, a key focus for the bank. “Overall, measures of inflation expectations remain consistent with the inflation target,” she said.

MNI reported the RBA would likely pause ahead of more in depth quarterly CPI figures due Jan 31 before considering raising the cash rate again. (See MNI RBA WATCH: Hold Likely As Reserve Awaits Fresh Data)

Bullock will further detail the board's decision when she speaks at an industry conference in Sydney on Dec 12.