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Today's reading time is 7 minutes. - Miko Santos
The Reserve Bank of Australia kept its cash rate unchanged at 3.6 percent Tuesday, citing recent inflation data showing more upward pressure than anticipated in market services and housing sectors, despite inflation remaining within the central bank’s 2 to 3 percent target range.
Governor Michelle Bullock emphasized the board is taking a data-dependent approach meeting by meeting, noting that while three rate cuts earlier this year are providing relief to mortgage holders, the full impact of those reductions has yet to flow through the economy.
Political leaders sharply disagreed on the decision’s implications, with Shadow Treasurer Ted O’Brien attributing higher rates to government spending policies totaling $160 billion above previous levels, while Treasurer Jim Chalmers defended the government’s economic management and highlighted progress on inflation and unemployment.
Financial markets have adjusted expectations following the announcement, with most economists now forecasting at most one additional rate cut before year’s end, a significant shift from projections made just weeks ago before recent inflation data emerged.
The central bank’s statement acknowledged global economic uncertainty and noted encouraging signs of private sector recovery, particularly in household consumption driven by rising real incomes and wealth effects from increased housing and asset prices.
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