The monetary policy board has made its decision for the official cash rate for the month.
The Reserve Bank of Australia (RBA) has opted to maintain the cash rate at 4.35 per cent.
Following discussions on the 6-7 of May, the monetary policy board announced its final rate decision for May this afternoon (7 May), revealing that it will be holding the official cash rate at its current level.
The last time the cash rate moved was in November 2023, when the RBA lifted rates for the 13th time since the tightening phase commenced in May 2022.
‘Board not ruling anything in or out’
In the post-meeting statement by the RBA, the board stated that, in the near term, inflation is forecast to be higher because of the recent rise in domestic petrol prices, and higher than expected services price inflation, which is now forecast to decline more slowly over the rest of the year.
The monetary policy decision reads: “Inflation is, however, expected to decline over 2025 and 2026…
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