Reserve Bank set to stick with inflation-busting mantra as September minutes due for release
The Reserve Bank of Australia is likely to stay on message and resolute in taming inflation.
A stream of public communications from the central bank will flow from Tuesday, starting with the minutes of the board’s September meeting.
Deputy Governor Andrew Hauser will take the stage at the Walkley Foundation in Sydney shortly after, with public appearances from two assistant governors scheduled for later in the week.
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By continuing you agree to our Terms and Privacy Policy.In September, Australia’s central bank left interest rates on hold at 4.35 per cent, an elevated level designed to take heat out of the economy and stop prices rising so quickly.
The RBA continues to rule nothing in or out when it comes to its next cash rate moves and maintains inflation is still “too high”.
Though Governor Michele Bullock has already indicated the September meeting was the first time since March the bank’s board did not explicitly consider hiking rates.
AMP Australia chief economist Shane Oliver was expecting the RBA to maintain its “relatively cautious” stance on inflation and interest rates.
But Dr Oliver was upbeat about promising signals on price pressures in National Australia Bank’s business survey, also out on Tuesday.
Monday’s Australia Melbourne Institute Inflation gauge revealed a modest 0.1 per cent lift in September, taking the annual rate to 2.6 per cent.
The official count from the Australian Bureau of Statistics for August had the headline inflation rate back at 2.7 per cent, within the RBA target band for the first time since August 2021.
Yet the central bank is focused on underlying price pressures and waiting for quarterly data on inflation, which is less volatile than the bureau’s monthly measure.
