PHOTO: Today’s board meeting also marked the end of RBA Governor Philip Lowe’s seven-year term. FILE
The Reserve Bank has maintained a steady course by keeping interest rates at 4.1 percent for the third consecutive month. However, they have signaled the possibility of further rate hikes to ensure inflation remains within manageable bounds. This decision leaves the cash rate at its highest point since April 2012, marking the fourth pause in the RBA’s ongoing rate-increase campaign, which commenced in May 2022.
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Today’s board meeting also marked the end of RBA Governor Philip Lowe’s seven-year term, with his tenure concluding next week. Michele Bullock, the current Deputy Governor of the RBA, is set to assume the role on September 18.