The Reserve Bank of Australia’s Board of Directors decided at its meeting this morning, Tuesday, April 1, to maintain monetary policy and the current interest rate at 4.10%, as expected.

The Bank’s statement on interest rates stated that inflation has declined significantly since its peak in 2022, and that recent information indicates that core inflation is declining in line with the February forecast.

However, the Board must be confident that this progress will continue until inflation returns to the Bank’s target on a sustainable basis, while remaining cautious about the outlook.

The Board will rely on data and an evolving risk assessment to guide its decisions, taking into account global developments and trends in domestic demand, and affirming its determination to return inflation to the target.