The Reserve Bank of Australia (RBA) has decided to maintain the interest rate at 4.35% after its latest meeting, despite some economic indicators signaling a slowdown.
Slower GDP growth in Q3 has significantly missed the RBA's forecast of 1.5% economic growth for this year. Meanwhile, the unemployment rate remains steady at 4.1%.
Michelle Bullock, the Governor of the Reserve Bank of Australia, noted that the tight labor market in Australia, combined with continued strong demand, suggests it will take more time for inflation to return to the target range.
Source: Fxstreet