Interest rates remain on hold yet again, following this week’s meeting of the Reserve Bank of Australia (RBA) board.
Despite – or perhaps because of – a dramatic spike in global volatility, the board decided to leave the official cash rate on 4.35% for the next six weeks, when they will meet in late September.
In a masterclass in understatement, RBA governor Michele Bullock noted that financial markets have been ‘volatile of late’ and that ‘geopolitical uncertainties remain elevated, which may have implications for supply chains’.
“The board will rely upon the data and the evolving assessment of risks to guide its decisions”, Ms Bullock said.
“In doing so, it will continue to pay close attention to developments in the global economy and financial markets, trends in domestic demand, and the outlook for inflation and the labour market”, she concluded.
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