Sources: ABS; RBA  The decision to hold rates steady this month does not imply that interest rate increases are over. Indeed, the Board expects that some further tightening of monetary policy may well be needed to return inflation to target within a reasonable timeframe.
It decided, though, that it was prudent to hold rates steady this month to allow more time to assess the impact of the increases in interest rates to date and the economic outlook. The Board is conscious that monetary policy operates with a lag and that the full effect of the increases to date is yet to be felt.