Australia’s central bank keeps rates unchanged at 4.35%

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Australia’s central bank keeps rates unchanged at 4.35%

A pedestrian passes the Reserve Bank of Australia (RBA) building in Sydney, Australia, on Monday, Sept. 6, 2021.

David Gray | Bloomberg | Getty Images

Australia’s central bank held its benchmark interest rate at 4.35% for the eighth meeting in a row, in line with expectations from economists polled by Reuters.

In contrast to other central banks in advanced economies, the Reserve Bank of Australia wrote in its statement that “inflation has fallen substantially since the peak in 2022,” but also added that underlying inflation is too high.

The bank’s forecasts also do not see inflation returning sustainably to the midpoint of its 2%-3% target until 2026.

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