The Reserve Bank of Australia (RBA) announced the cash rate will remain unchanged at 4.10% after its monetary policy meeting today.
This marks the third consecutive meeting at which the cash rate has been held.
The decision was in line with expectations, as it comes shortly after the Australian Bureau of Statistics released data showing annual inflation slowed to 4.9% in July from 5.4% in June.
While this suggests higher interest rates are having the desired impact on inflation, RBA governor Philip Lowe, once again, reiterated the central bank’s commitment to return inflation to its target range of between 2-3%.
As such, he did not rule out more interest rate rises in the coming months.