Reserve bank keeps interest rates on hold at 4.35%

ABC NEWS (Australia)

The Reserve Bank has kept interest rates steady at 4.35 per cent. The Treasurer Jim Chalmers says the decision will be welcome relief for Australians.

Transcript

00:00 There are encouraging signs in our economy.

00:05 Inflation is moderating, but they recognise, as we do, that inflation is still too high

00:10 in our economy.

00:12 And that's why this decision and the inflation figures that we saw last week, they do show

00:16 that we're making welcome and encouraging progress in this fight against inflation and

00:21 that our policies are helping to get inflation down, working in concert with the Reserve

00:26 Bank.

00:27 But it's not mission accomplished, Mr Speaker.

00:29 We know that because people are still under pressure.

00:33 Headline inflation is now at its lowest level in two years.

00:36 And monthly inflation has the three in front of it for the first time since December 2021.

00:42 We're realistic about the challenges facing our economy, persistent but moderating inflation,

00:47 higher rates and global uncertainty.

00:49 But we face them from a position of genuine economic strength.

00:54 We know inflation is still our defining economic challenge, but we are making encouraging progress.

00:59 [BLANK_AUDIO]

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