Australian shares to edge lower with the 2.30pm rate decision in sharp focus; US July 4 public holiday; Saudi Arabia, Russia are cutting oil supply again to boost prices. Follow here for more.
The following is the Reserve Bank of Australia’s statement following its July board meeting. The central bank today left the cash rate on hold at 4.1 per cent, in line with market pricing.
Interest rates have been increased by 4 percentage points since May last year. The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so. In light of this and the uncertainty surrounding the economic outlook, the board decided to hold interest rates steady this month. This will provide some time to assess the impact of the increase in interest rates to date and the economic outlook.
Growth in the Australian economy has slowed and conditions in the labour market have eased, although they remain very tight. Firms report that labour shortages have lessened, yet job vacancies and advertisements are still at very high levels. Labour force participation is at a record high and the unemployment rate remains close to a 50-year low. Wages growth has picked up in response to the tight labour market and high inflation.
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