Australia’s central bank, the Reserve Bank of Australia (RBA), has decided to maintain its interest rates at 4.1 percent for the second consecutive month. The RBA stated that previous increases in interest rates have been effective in cooling down demand, but warned that additional tightening measures may be necessary to control inflation. The RBA expects headline inflation to slow down to around 3.25 percent by the end of 2024 and to be back within its 2-3 percent target range by late 2025. Recent data showing a decrease in inflation for the second quarter and a softening in consumer spending had led market analysts to anticipate a steady outcome from the meeting.
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