SYDNEY–The Reserve Bank of Australia kept interest rates on hold at its policy meeting Tuesday, snapping a record run of 10 consecutive increases as it moves more cautiously to assess the fallout from its actions and instability globally.
The decision leaves the official cash rate unchanged at 3.60%, its highest level in more than a decade, amid indications that inflation likely peaked in late 2022.
“The decision to hold interest rates steady this month provides the board with more time to assess the state of the economy and the outlook, in an environment of considerable uncertainty,” RBA Gov. Philip Lowe said in a statement.
A range of information, including the monthly consumer-price-index indicator, suggests that inflation has peaked in Australia, he said.
Still, the RBA said it is prepared to raise interest rates further if coming economic data warrants such a move.
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