The highlights of the statement were as follows: -
- More emphasis may be needed.
- The council considered raising interest rates at the August meeting, deciding that the strongest case was to keep it steady.
- The policy has been drastically tightened, and the full impact has yet to be felt.
- Board recognizes policy slowdown and painful financial pressure on some households
- The Council is keen to maintain the gains made in the labour market.
- Tightening may provide more insurance against upward inflation risks.
- The RBA lowered GDP growth and inflation forecasts for the end of 2023, and other expectations have not changed much.
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