For the third month in a row, the Monetary Policy Board of the Reserve Bank of Australia decided to maintain monetary policy and interest rates at 4.10%, as expected at the bank’s meeting that took place on Tuesday morning, the fifth of September. And the interest statement issued by the bank stated that interest rates have increased by 4% since May of last year and are working to establish a more sustainable balance between supply and demand, but keeping them now will provide more time to assess the impact of previous increases.

The inflation rate in Australia, after it exceeded its peak, showed declines, but it is still very high and will remain so for some time, especially with the high prices of many services, but it is expected to return within the target range by the end of the year 2025, and its return to the target remains a priority of the Council

. With regard to growth, the economy is going through a period below the general trend, and it is expected to continue for a while, as household consumption is considered weak in addition to housing investment, and high inflation affects people’s real income, while unemployment is expected to rise to about 4.5% by the end of next year.

The bank affirmed that it is committed to returning inflation to the bank’s target range of 2-3%, and that there may be a need for more tightening in monetary policy to ensure that inflation returns to the target within a reasonable time frame, but that depends on upcoming data.

Today’s meeting is considered the last for the current governor, Philip Lowe, and his deputy, Michelle Pollock, will be the first woman president of the bank in the history of Australia, starting from the next meeting.