RBA Keeps Interest Rates Steady Amid Lower Inflation

The Reserve Bank of Australia (RBA) has kept interest rates at 4.35% in a unanimous decision on Wednesday.

This comes after headline inflation came in nearly a full percentage point lower than its previous forecast, according to the RBA's announcement.

RBA Governor Michelle Bullock stated that they are 'staying put,' but with a focus on watching how data come in and whether or not interest rates may need to increase again if inflation does not return to target.

The RBA cited disruption to global oil supply as a direct contributor to its forecasted ongoing high inflation, noting that the Board will continue to take necessary actions to bring inflation back down, including increasing cash rates further if upside risks materialise.