RBA Sticks to Its Guns: Interest Rates Unchanged Amidst Political Pressure

Published on September 24, 2024

Despite immense political pressure to cut interest rates, the Reserve Bank of Australia (RBA) did not budge. The Board announced on Sept. 24 that it decided to leave the cash rate target unchanged at 4.35 percent, and the interest rate paid on Exchange Settlement balances unchanged at 4.25 percent. “Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance. However, inflation is still some way above the midpoint of the 2–3 percent target range,” read the statement issued by the Board. It added that while headline inflation is expected to fall temporarily due to federal and state cost-of-living relief, the RBA’s current forecasts do not see inflation returning sustainably to target until 2026....

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