August 2024 Outlook Reserve Bank Australia
- The Reserve Bank Board continues to leave the cash rate target unchanged at 4.35 per cent, and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per cent.
Inflation Remains Above Target And Is Proving Persistent.
- Inflation has fallen substantially since its peak in 2022, as higher interest rates have worked to bring aggregate demand and supply closer to balance. But inflation is still well above the midpoint of the 2–3 percent target range.
The Outlook Remain Highly Uncertain
- The economic outlook is uncertain, and recent data have demonstrated that the process of returning inflation to target has been slow and bumpy.
Returning Inflation to Target Is The Priority
- Returning inflation to target within a reasonable timeframe remains the Board’s highest priority. This is consistent with the RBA’s mandate for price stability and full employment. To date, longer-term inflation expectations have been consistent with the inflation target, which must remain the case.
To read more: https://www.rba.gov.au/media-releases/2024/mr-24-15.html
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