RBA Keeps Cash Rate at 4.35%, Warns of Future Hikes

The Reserve Bank of Australia (RBA) has decided to keep the cash rate at 4.35% for now, but it's not ruling out further interest rate rises if inflation remains high.

This decision was widely predicted by financial experts and major banks after last month's inflation figures came in lower than expected.

The consumer price index (CPI) was 3.8% in June, above the RBA's target of between 2 and 3%, but significantly lower than predicted.

RBA governor Michele Bullock reiterated that future hikes would remain on the table as long as inflation remained above target.