The central bank has announced its decision following its June monetary policy meeting.
The Reserve Bank of Australia (RBA) has held the official cash rate steady at 4.35 per cent during its June monetary policy meeting.
This cash rate decision has marked the 4th hold for 2024, and the 5th consecutive hold since December 2023.
In the Statement by the Reserve Bank Board following the decision, the RBA noted: “The economic outlook remains uncertain and recent data have demonstrated that the process of returning inflation to target is unlikely to be smooth.”
“Inflation is easing but has been doing so more slowly than previously expected and it remains high. The board expects that it will be some time yet before inflation is sustainably in the target range. While recent data have been mixed, they have reinforced the need to remain vigilant to upside risks to inflation.
The RBA has reiterated that it will continue to rely on emerging data and the evolving assessment of risks.
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