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RBA Minutes: Inflation Is Still Too High
(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board acknowledged that consumer prices remain higher than desired, minutes from the central bank's April 4 monetary policy meeting revealed on Tuesday.
Still, the board decided to leave its cash rate target unchanged at 3.60 percent in order to assess the full impact of the cumulative 350 basis points increase since last May.
The members also observed that population growth - and possibly wage growth as well - could put pressure on the country's existing capital stock, especially its housing market.
That being said, the members reiterated their determination to return inflation to target.
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