RBA Keeps Rates on Hold as ASX Hits Record High

The Reserve Bank of Australia (RBA) has kept interest rates on hold at 4.35%, bringing relief to millions of homeowners in the country.

RBA Governor Michele Bullock revealed that while inflation has slowed, there is still a risk of further rate hikes if upside risks materialize.

The decision was met with a record high on the Australian Securities Exchange (ASX), as investors had expected rates to be held steady.

Inflation data released last month showed headline inflation slowing to 0.6% in the June quarter, from 1.4% in April.