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MNI BRIEF: RBA Lifts To 4.35%, Eyes Future Data

(MNI) Sydney

The Reserve Bank of Australia board broke its four-month long hiking pause Tuesday to lift the cash rate 25bp to 4.35%, noting inflation had fallen slower than initially expected.

Governor Michele Bullock in statement following the decision said, while the central forecast is for CPI to continue to decline, the RBA now expects it to land about 3.5% by the end of 2024 and at the top of the 2-3% target range by the end of 2025.

The RBA had previously expected inflation to return to target by mid-2025. MNI reported last week the Reserve would strongly consider raising the cash rate. (See MNI RBA WATCH: Board To Consider Hike On Strong CPI)

“The Board judged an increase in interest rates was warranted today to be more assured that inflation would return to target in a reasonable timeframe,” Bullock noted. She added further tightening will depend upon data and the evolving assessment of risks, dropping the typical statement that "some further tightening may be required to ensure that inflation returns to target."

Bullock will likely reveal more on the RBA’s decision when she speaks at an industry conference in Melbourne on Nov 21.

Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Central Bank NewsPolicy NewsAPACAustraliaBriefStoryRBARegion
Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Central Bank NewsPolicy NewsAPACAustraliaBriefStoryRBARegion

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