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The Reserve Bank of Australia meeting minutes showed that the board considered raising rates in May before ultimately deciding to maintain a steady policy amid concerns that inflation will not ease as quickly as initially forecast.
Meeting minutes noted that inflation in Australia has declined more slowly than anticipated, with recent data and other information signaling that the risks around inflation somewhat have risen.
“Members agreed that it was important to convey that recent data and other information had signalled that the risks around inflation had risen somewhat,” the meeting minutes read.
“A higher cash rate might also be required, even with ongoing weakness in aggregate demand, if other factors slowed the pace of disinflation,” the RBA said in its minutes.
Policymakers reiterated that returning inflation to the target range of 2–3% remained its highest priority.
It added that the goal could be reached in H2 of 2025 and the midpoint in 2026. Meantime, unemployment was expected to be around the level consistent with the committee’s full employment mandate by mid-2025.
The S&P/ASX 200 Index fell 0.14% to around 7,852.9 on Tuesday, giving back some gains from the previous session.
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