RBA Minutes Suggest Further Hikes Remain on Table Despite Unchanged Cash Rate

The Reserve Bank of Australia (RBA) left the cash rate unchanged at 4.35% in its August meeting, but major banks warn that further hikes remain a risk.

The RBA's minutes from the meeting revealed that the board considered whether further increases were needed to tame inflation, but ultimately decided to wait for additional evidence.

However, several members of the Monetary Policy Board (MPB) judged that it was possible for upside risks to crystallize, requiring some further tightening, while others noted potential downside risks could offset them.

ANZ sees a November hike as 'a risk,' but does not expect September's meeting to deliver one. CBA says the September meeting is 'live' and the RBA's inflation concerns appear to be intensifying.