Reserve Bank of Australia Reveals Why It Held Rates in July

The central bank’s minutes outline its rationale for holding the cash rates at 3.85 percent.

Michele Bullock, Governor of the Reserve Bank of Australia, speaks at the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 23, 2025. Oliver Contreras/AFP via Getty Images

The Reserve Bank of Australia (RBA)’s Monetary Policy Committee has released its meeting minutes, revealing the reasons for holding the Official Cash Rate (OCR) at 3.85 percent in July.

The decision came down to a six-to-three vote, the central bank said, with the majority opting to wait for more data on inflation and global economic developments before easing policy further.