RBA Keeps Rates on Hold, Leaves Door Open for Future Hikes

The Reserve Bank of Australia left its key interest rate unchanged on Tuesday as the committee assesses the impact of a more than year-long tightening cycle on the economy while leaving the door open for future rate hikes.
The move will give the committee more time to reflect on economic conditions, prospects and associated risks.
RBA Chairman Philip Lowe said further monetary policy tightening may be needed to ensure inflation returns to target within a reasonable time frame, but this will depend on how the economy and inflation evolve.
The Committee remains steadfast in its resolve to return inflation to its target level and will take the necessary steps to achieve this goal.
The decision continued a series of on-and-off policy moves by the RBA: raising rates in February and March, pausing hikes in April, raising rates in May and June, then holding off in July.
In contrast, the presidents of the US and European central banks have recently indicated that they still have a long way to go in curbing inflation.