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RBA Minutes 5 April: cash rate target maintained
22 April 2022
The Minutes of the Monetary Policy Meeting of the Reserve Bank Board held on 5 April were released earlier this week. Key points:
- The Board decided to maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances at zero per cent.
- Russia’s invasion of Ukraine has increased volatility in commodity prices and will boost inflation, but Australia had remained resilient in the face of global and domestic supply shocks.
- Non-labour input cost pressures were though likely to persist for longer than previously expected.
- Bond market yields are consistent with expectations that inflationary pressures would wane over the long term.
- Wages growth had also picked up but, in aggregate terms, had been below rates likely to be consistent with inflation being sustainably at the target.
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