Minutes from the RBA’s April meeting released today suggest that banks and lenders’ independent rate rises will be sufficient to reduce expansionary pressures on inflation.
Taking into account the additional rises in funding costs passed on by lenders, the RBA’s Monetary Policy Committee concluded at the meeting that “the current stance of monetary policy was exerting a significant restraining influence on both households and businesses”.
The Committee said this restraining influence was fostering a moderation in demand growth, which it expects to ease pressures on inflation over time.
Members thus decided that it would be appropriate to maintain an official cash rate of 7.25 per cent and in the meantime continue to evaluate prospects for economic activity and inflation.
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