The Reserve Bank of Australia decided to keep interest rates at current levels unchanged at 4.10%, as expected at the bank’s meeting that took place this morning, Tuesday, July 4, to settle at their highest levels since 2012.

The bank’s interest statement said it wanted more time to assess the impact of previous increases and future economic prospects.

Inflation in Australia has passed its peak, and the consumer price index showed a further decline in May, but it is still very high compared to the Bank’s target and will remain high for a while, and the Board’s priority is to reduce it within a reasonable time frame.

The board of directors expects the economy to grow with the return of consolidation to its target of 2-3%, but the road may be narrow and there may be a need for more tightening in monetary policy to ensure the achievement of these goals, but today’s decision will give the bank an opportunity to assess the state of the economy and the risks associated with it.