Australia’s Official Cash Rate Remains Steady for 2nd Month

A vendor stocks his stall with fresh produce at the Queen Victoria Market in Melbourne on July 4, 2023 after the Reserve Bank of Australia (RBA) surprised analysts by leaving interest rates on hold at 4.1 per cent in July. (Photo by William WEST / AFP) Photo by WILLIAM WEST/AFP via Getty Images

The Reserve Bank of Australia (RBA) has held off on its interest rate hiking cycle for another month to observe how the economy responds to previous rate hikes.

After the latest board meeting, RBA Governor Philip Lowe announced that the central bank would keep the official cash rate unchanged at 4.1 percent for August, following a similar move in July.