Bank of Australia Holds out the Prospect of a Rate Hike for the First Time in More than 10 Years

The Reserve Bank of Australia (RBA) left its key interest rate unchanged at 0.1% at its meeting today. However, the RBA hinted that it might raise rates for the first time in more than a decade, contrary to earlier announcements. But monetary policy must be pursued with patience, it said.

The Reserve Bank of Australia (RBA) states that inflation in Australia has picked up and is likely to rise further. The unemployment rate declined more than expected to 4%.

The RBA stated that “over the next several months, it is expected that additional important evidence will be available for the RBA Board to consider, including inflation and labor costs. The committee will assess this information and the information it will receive in the future to help make policy decisions.”

Australia will publish its consumer price index (CPI) on April 27.

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