The Reserve Bank of Australia (RBA) has upheld its interest rates at a twelve-year peak for the fifth consecutive meeting as of Tuesday.
Under the leadership of Governor Michele Bullock, the RBA's policy board opted to maintain the cash rate target at 4.35 percent. Similarly, the interest rate on Exchange Settlement balances remains steady at 4.25 percent.
Although inflation is gradually easing, the pace has been slower than initially anticipated, and inflation rates remain elevated.
"The path of interest rates that will best ensure that inflation returns to target within a reasonable timeframe remains uncertain, and the Board is not ruling anything in or out," the RBA stated.
