The Reserve Bank of Australia has just handed down its latest cash rate decision following its monthly board meeting.
The move comes amid Australian Bureau of Statistics data from last week showing inflation was up 5.6 per cent in the year to May.
"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," RBA Governor Philip Lowe said. "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."
The last time the RBA hit pause on raising the cash rate was in April, following 10 consecutive increases. Governor Philip Lowe announced the RBA's latest cash rate decision on Tuesday. Picture: NCA NewsWire / Christian Gilles
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