RBA Leaves Cash Rate Target at 4.10%

The Reserve Bank of Australia (RBA) has decided to maintain the cash rate target at 4.1%, despite pressures for a rate hike due to labor market tightness and persistent inflation. The decision led to immediate market reactions, including a revaluation of the Aussie dollar. The RBA is keeping options open for future monetary policy adjustments, citing weak household consumption and dwelling investment. Economic projections include a GDP growth of 1.7% in 2024 and a jobless rate of 4.5% by late next year. The RBA remains committed to returning inflation to target levels, acknowledging increased wages growth. This decision reflects a pause to assess the impact of previous rate hikes.

What is the projected jobless rate by late next year according to the RBA?

What does the RBA say about returning to the inflation target?