- Cash rate decision 4.60%
- Prior decision 4.35%
- Today’s policy decision was unanimous
- Since the previous meeting, some of the upside risks to inflation are materialising
- There continue to be heightened uncertainties about the outlook for domestic economic activity and inflation
- RBA remains focused on ensuring that high inflation does not become embedded
- Inflation is still too high; some of the upside risks flagged in August are materialising
- A further tightening in financial conditions is warranted to support a return of inflation to target in a reasonable period
- Will continue to do what is necessary to bring inflation sustainably back to target, including increasing the cash rate target further if needed
- Will be attentive to the data and the evolving assessment of the outlook and risks to guide its decisions
- Full statement
Coming into the decision, markets had fully priced in a 25 bps rate hike with roughly 43% odds of another move in November next. More to come..
This article was written by Justin Low at investinglive.com.