March 2024: Interest Rate Decision – Remains at 4.35%
The Reserve Bank of Australia (RBA) held its second meeting of 2024, leaving the official cash rate at 4.35%.
The Board decided to maintain the cash rate target at 4.35% and the interest rate for Exchange Settlement balances at 4.25%.
Inflation is moderating but remains high, driven by elevated services inflation and strong domestic cost pressures. Higher interest rates are gradually balancing demand and supply, although labor market conditions remain tighter than desired.
The economic outlook is uncertain despite signs of inflation moderation. Growth has slowed, with weak household consumption growth amid high inflation and rising interest rates. Unit labor costs are still high, with uncertain sustainability.
The central forecasts aim for inflation to return to the target range by 2025-2026. However, uncertainties persist, including global economic conditions and domestic monetary policy effects. The priority remains returning inflation to target, with the Board closely monitoring data and risks.
2024 RBA Policy Announcements
A reminder that the schedule of RBA meetings has changed from 11 in a year to 8, held 5-7 weeks apart. Monetary Policy Announcements will be made at 2.30pm on the following days:
• 7 May
• 18 June
• 6 August
• 24 September
• 5 November
• 10 December
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