RBA Maintains Cash Rate Amid Economic Uncertainty

The Reserve Bank of Australia (RBA) has decided to keep its cash rate steady at 4.35% for the second consecutive meeting.

This decision comes as a response to concerns about the slowing economy and inflation, which the RBA attributes to a weakening housing market.

RBA Governor Michele Bullock emphasized that the central bank is committed to reducing inflation to its target band of 2-3%.

The RBA warns that it may raise the cash rate further if inflation continues to pose a threat, but predicts that inflation will return to target levels by mid-next year.