The Reserve Bank of Australia left its cash rate unchanged at a 12-year high in the final meeting of the year as the impact of the more recent rate hikes continue to flow through the economy.
Reserve Bank of Australia policymaker Marion Kohler cautioned that returning inflation back to the target would be difficult and the road ahead could be bumpy. "The next stage in bringing inflation back to target is likely to be more drawn out than the first," Kohler, acting assistant governor of RBA, said at the UBS Australasia Conference in Sydney on Monday.
Australia's central bank raised its benchmark rate by a quarter-point to a 12-year high, ending a four-session long pause, as inflation is likely to be more persistent than estimated though policymakers suggested that any further tightening is off the table.
Australia's central bank kept its key interest rate unchanged for the fourth straight session on Tuesday. The policy board decided to maintain the cash rate target at 4.
Australia's central bank unexpectedly raised its benchmark interest rate by a quarter-point on Tuesday. The monetary board of the Reserve Bank of Australia decided to hike the cash rate target by 25 basis points to 3.