RBA Update - August 2024

RBA's cash rate announcement is here. Learn about the monetary policy of the RBA.

RBA's cash rate decision is here!

For the sixth consecutive meeting, the Reserve Bank of Australia (RBA) held the cash rate steady at 4.35%.

Market commentators had largely predicted this, particularly following the latest quarterly consumer price index results which showed an increase of 3.8% in the June 2024 quarter, according to the Australian Bureau of Statistics. Although this is up when compared to the 3.6% increase in the March quarter, the result aligns with the RBA's forecasts.

Recently, RBA governor Michele Bullock said the economy was in a difficult place where demand was still too high. She said the RBA was balancing the fact that demand was still too strong with the fact that monetary policy acts with a lag.

She also said that Australia was not seeing the same progress on inflation as other economies.

As a result, she said the economy was at a difficult point and the RBA would remain vigilant.

Contact me if you'd like to discuss how the RBA’s decision impacts your situation.

Read the full statement here.

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