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Economics
21 Jun 2024
Reserve Bank kept rates steady at 4.35 per cent
The Reserve Bank left the cash rate unchanged at 4.35 per cent at its meeting this week amid signs that inflation is declining more slowly than expected.
Governor Michele Bullock said the economic outlook remained uncertain and will remain “vigilant to upside risks to inflation”. The statement said service price inflation remains a key concern, with inflation slowly easing. The conditions in the labour market have eased, though they remain tight. Wage growth appears to have peaked but is still above an unsustainable level, given the trend of productivity growth.
The pause gives the Reserve Bank time to assess the developments in the global economy, trends in domestic demand and the outlook for inflation and the labour market.
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