RBA Bets on Past Rate Hikes to Tame Inflation

The Reserve Bank of Australia (RBA) has left interest rates on hold, as widely expected. The decision was made by Governor Michele Bullock and the RBA's monetary policy board. According to some analysts, this move suggests that the three interest rate hikes already delivered this year will be enough to keep inflation in check over the next few months.

The next potential opportunity for a rate hike may not come until Melbourne Cup day on November 7th. By then, the RBA will have a better understanding of whether its previous rate decisions were effective in curbing inflation.