The Australian Central Bank keeps interest rates unchanged

The Australian Central Bank kept interest rates steady today at 4.10%, its highest level in 11 years, after raising interest rates by 400 basis points since May last year to tame inflation. The central bank made it clear that it wants more Time to assess the impact of previous increases But he repeated his warning that further tightening may be necessary to bring down inflation. The central bank now expects headline inflation, which was 7% in the first quarter, to return to the top of its target range of 2-3% by mid-2025, he said. Reserve Bank of Australia Governor Philip Lowe said higher interest rates are creating a more sustainable balance between supply and demand in the economy, and he reiterated previous warnings that further monetary tightening may be required because inflation remains very high and will remain so for some time.