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It was the outcome that the majority of economists were expecting, although recent inflation data had left doubts in some minds. The RBA has left the cash rate steady at 7.25%.
The RBA had previously hinted it was braced for some tough inflation numbers, but it was putting its faith in the effects of tightening to date which were evident in recent forward indicators. The bank expects domestic demand to slow, and that over time inflation will ease as a result. Throw in the independent commercial bank rate increases, and the RBA felt enough was enough for now.
FNArena will follow up with an assessment of the RBA statement and economist responses if warranted.
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