The Reserve Bank of Australia has kept the cash rate at 3.6%, saying the board is still concerned about persistent inflation. This is despite having a more optimistic outlook just last month.

Council of the City of Sydney

The Reserve Bank of Australia has decided to maintain the cash rate at 3.6%, following a period of rate cuts earlier in the year. This decision comes as recent data showed a rise in monthly inflation, partly due to the end of energy rebates, prompting the RBA to adopt a more cautious stance.

While both headline and underlying inflation remain at their lowest levels in nearly four years, the RBA noted ongoing pressures in services inflation and steady consumer spending. Predictions of further rate cuts have been tempered, with upcoming decisions likely to depend on new jobs and inflation data.

Reserve Bank leaves interest rates on hold

Reading between the lines as the Reserve Bank holds the line. It was a good decision today to hold. Keeping the cash rate at 3.6 per cent. This is not the outcome that millions of Australian homeowners would have wanted. The anonymous decision by the board was no surprise, but this slight change in language is. Inflation remains within the target range, but recent data indicate there could be a bit more upward pressure than we thought in August. Since last month's rate cut, the third this year, monthly inflation figures went up, hotter than expected as energy rebates ended. It doesn't, I don't think, suggest that inflation is running away, but we just need to be a little bit cautious. This is a direct consequence of the Albanese Government's spending spree. We've got both headline and underlying inflation at their lowest rates in almost four years. The RBA pointing to persistent services inflation, a stable jobs market and households comfortable spending, the economy, the Governor says, is still in a good spot. And that begs the question, is the RBA's rate cutting cycle now over? There had been predictions of two or three more rate cuts to come, but tonight borrowers are being warned to dial down expectations. There was probably thinking that rates would come down again before Christmas, and I think that looks less likely. There are two more meetings this year. The next decision on Melbourne Cup Day will weigh heavily on upcoming jobs figures and quarterly inflation data. It also might be close to 50-50 right now for the November rate cut or rate hold. With the Federal Government's 5% deposit scheme expanding to all first home buyers tomorrow. I think people are definitely hoping for further rate cuts. Chloe Boris, 10 News.

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