At its meeting today, the Board of the Reserve Bank of Australia have decided to maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances at zero per cent.

• The Australian economy remains resilient and spending is picking up following the Omicron setback.
• The strength of the Australian economy is evident in the labour market, with the unemployment rate falling further to 4 per cent in February.
• Inflation has increased in Australia, but it remains lower than in many other countries; in underlying terms, inflation is 2.6 per cent and in headline terms it is 3.5 per cent.

The Board’s policies during the pandemic have supported progress towards the objectives of full employment and inflation consistent with the target.

To view the full statement of Philip Lowe, Governor of the Reserve Bank, please click here.

Published : 05 Apr 2022