RBA interest rates: official cash rate left unchanged by Reserve Bank of Australia at 4.1% for a third month

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The Reserve Bank of Australia has extended its interest rates pause for a third consecutive month as it assesses whether the sharpest increase in borrowing costs in three decades has done enough to slay inflation.

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05 Sep 2023

The RBA left its cash rate on hold at 4.1%, the highest since mid-2012, at its September board meeting on Tuesday. The decision, the last under the leadership of outgoing governor Philip Lowe, was widely expected.

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“Inflation in Australia has passed its peak and the monthly CPI indicator for July showed a further decline,” Lowe said in an accompanying statement. “But inflation is still too high and will remain so for some time yet.”

As has been customary, Lowe left open the possibility of further rate increases if needed: “Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of