Australia's central bank left its interest rate unchanged at a 12-year high for the sixth consecutive meeting and damped market expectations for a near term rate cut as it emphasized the need to keep the policy sufficiently restrictive to bring inflation to the target.
As widely expected, the policy board of the Reserve Bank of Australia headed by Michele Bullock decided to hold the cash rate target at 4.35 percent.
The previous change in the interest rate was in November 2023, when it was raised by a quarter-point to the highest level since late 2011.
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by Renju Jaya
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