Original article by Michael Read
The Australian Financial Review – Page: 1 & 4 : 7-Aug-24

The Reserve Bank of Australia’s governor Michele Bullock says it gave "very serious consideration" to increasing the cash rate on Tuesday. However, the RBA’s board was of the view that the benefits of leaving official interest rates at 4.35 per cent outweighed the risk to the job market of an increase. Bullock emphasised that recent financial market volatility did not influence the monetary policy decision, contending that Monday’s sharemarket rout was an "overreaction" to one poor jobs report in the US. She also indicated that the RBA now expects interest rates to remain on hold until at least the end of 2024. Meanwhile, the RBA has advised that inflation is unlikely to return sustainably to its target range of 2-3 per cent before late 2026.

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RESERVE BANK OF AUSTRALIA