The Reserve Bank of Australia keeps rates on hold

The Reserve Bank of Australia (RBA) has kept interest rates on hold, allowing borrowers to breathe a sigh of relief at least for another month.
RBA Governor Michele Bullock, along with the RBA board, announced that Australia’s official cash rate target would be kept on hold at 4.10 per cent.
October’s rate pause marks the fourth month in a row in which the RBA has kept the cash rate steady.
In her maiden monetary statement Bullock said the RBA was closely watching the rate of inflation in Australia, and that more rate rises may be required.
“Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risks,” she said.
“In making its decisions, the Board will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market.
“The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome.”