RBA Holds Rates Steady Amid Ongoing Inflation Concerns

The Reserve Bank of Australia (RBA) decided to keep interest rates steady at 4.35% after its August monetary policy meeting, in line with market expectations.

RBA Governor Michele Bullock explained that the board hopes to slow the economy and sees upside risks to inflation, but domestic economy still operates above capacity.

The economy is expected to experience a period of subdued growth until inflation returns to target, according to Bullock.