The Reserve Bank of Australia (RBA) delayed the rate hike and kept it at 3.6% year-on-year. Information about this press service of the editor published On the website, it was emphasized that the indicator remained at the same level for the first time since May 2022.
“The RBA Board has decided to leave the base rate at 3.6% and postpone further increases until next month. <…> “Assess the impact of rising interest rates on market and national economic prospects,” said Philip Lowy, head of the regulatory board.
The Reserve Bank of Australia noted that inflation in the country is at its peak and will begin to decline in the coming months, but will only drop to its target of 3% by mid-2025.
The regulator in Australia has been increasing rates for the past 11 months. The rate is scheduled to be reviewed in early May 2023 next time.
In the second half of October 2022, the press service of the Australian Bureau of Statistics knowledgeableIn the third quarter of 2022 (July-September), the price increase in the country reached the highest level in 32 years with 7.3% on an annual basis.