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Borrowers were close to being hit with another interest rate hike this month, according to the minutes of the RBA May monetary policy meeting released today.
The minutes show that the RBA Board spent “considerable time” determining whether to raise interest rates above 7.25 per cent or not.
Board members noted “powerful opposing forces” affecting the economy: further evidence of slowing demand yet inflation continuing to be uncomfortably high.
The Board did decide to allow the current rate of monetary policy “more time to work” however it warned that if demand did not slow as expected, or high inflation began to affect wages and prices, the stance of policy “would need to be reviewed”.
Published: 20-05-08
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