RBA Holds Rates Steady, Keeps Door Open for Further Hikes

The Reserve Bank of Australia (RBA) has held its policy rate target at 4.35% for the second consecutive meeting, aligning with market expectations.

This decision comes amidst a backdrop of decelerating economic activity due to ongoing monetary tightening and rising unemployment.

The RBA noted that it may proceed with additional rate hikes if necessary, citing vigilance over persistent inflationary pressures.

In its statement, the RBA emphasized its focus on preventing high inflation from becoming entrenched, stating that it is prepared to raise the Official Cash Rate target further if required.