RBA Minutes: Board saw case for slower pace of increase in rates as becoming stronger

Reserve Bank of Australia’s (RBA) September monetary policy meeting’s minutes showed that “all else equal, members saw the case for a slower pace of increase in interest rates as becoming stronger as the level of the cash rate rises.”

Additional takeaways

Inflation in Australia was at its highest level in several decades and was expected to increase further over the months ahead.

Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time.

Board was resolute in the need to ensure inflation returned to target, but mindful that the path to achieve this needed to account for the risks to growth and employment.

Inflation was expected to peak later this year and then decline back towards the 2 to 3 per cent target range.

Board is seeking to return inflation to target while keeping the economy on an even keel.

more to come ...