RBA Minutes: Inflation Slowing Less Than Expected

RTTNews | 22 days ago
RBA Minutes: Inflation Slowing Less Than Expected

(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board said that the country's economy was slowing and that inflation was declining less than expected, minutes from the central bank's May 7 meeting revealed on Tuesday.

A higher cash rate may be necessary to slow the pace of disinflation, the bank said.

Consumer spending was also weaker than expected, the minutes showed, and consumption growth was expected to remain weak for the rest of 2024.

At the meeting, the RBA policy board left its benchmark interest rates unchanged, leaving the cash rate target at 4:35 percent. The board also retained the interest rate paid on Exchange Settlement balances at 4.25 percent.

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Australia Business Sentiment Turns Negative In May: NAB

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