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Reserve Bank of Australia Leaves Rates Steady at 4.35%
TOPICSTags: Bullock, Cash Rate, Central Bank, Inflation, RBA
RBA Indicates a Soft Hawkish Stance
The RBA, on Tuesday, left the cash rate unchanged at 4.35% during its December policy meeting, reflecting a softer hawkish bias. With Australia’s central bank moving closer to the possibility of joining its global peers in cutting rates, future policy decisions remain data-dependent, meaning the possibility for a shift as early as February could be opened.
(Reserve Bank of Australia’s Cash Rate, Source: Forex Factory)
Rates were expected to remain unchanged, but some speculated the RBA might adopt a dovish tone after weaker-than-expected third-quarter economic growth. Wage growth also has fallen short of expectations despite a resilient labor market, partly supported by increased public sector hiring.
In response to questions about the possibility of a rate cut in February, RBA Governor Michele Bullock conceded that she was uncertain, given the need for key data-points – quarterly inflation, labor market, and consumer spending – before making up her mind.
Bullock said, “So far, we believe developments align with our forecasts. If this trend continues, we may eventually be confident that inflation is returning to target, enabling us to consider a rate reduction.
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