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Reserve Bank kept rates steady at 4.35 per cent
10 May 2024
Following its meeting earlier this week, the Reserve Bank board left the cash rate unchanged at 4.35 per cent, amid signs that inflation is declining more slowly than expected.
Governor Michele Bullock noted in her statement that that the economic outlook remained uncertain, and that the Reserve Bank remains “ vigilant to upside risks.” The statement revised the inflation forecasts for June and December upwards by half a percent to 3.8 per cent, but retained its expectation that inflation would return to the target range of 2-3 per cent by December 2025. The Reserve Bank also raised its projections for the wage price index by 0.1 per cent for every period of its forecast. It highlighted that wages are at a level that cannot be sustained given trend productivity growth.
The Reserve Bank will continue to assess the developments in the global economy, trends in domestic demand, the outlook for inflation and the labour market. The Board noted that “ the path of interest rate that will best ensure that inflation returns to target in a reasonable time frame remains uncertain.”
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