RBA Keeps Cash Rate Steady Amid Economic Slowdown

Australia's central bank, the Reserve Bank of Australia (RBA), maintained its cash rate at 4.35% on August 11, as expected.

The RBA cited a slowing economy due to tighter financial conditions and warned that it may need to raise rates again if inflation risks materialize.

Inflation has been stubborn, despite the bank's efforts to contain it through rate hikes since February. The bank increased rates by 75 basis points in this period.