The Reserve Bank of Australia has once again left the official cash rate steady at 0.1%, where it has been for the past 17 months.
In a statement, RBA Governor Philip Lowe said that while the war in Ukraine is a ‘major source of uncertainty’, the Australian economy remains resilient. Although inflation has ‘picked up’, he cited concerns about wages, energy and supply before concluding that the Board is ‘prepared to be patient’ on the question of raising interest rates.
