The Reserve Bank of Australia (RBA) lifted the official cash rate today by another 0.25 percentage points to 3.10% – the highest rate in over a decade.
The statement following the RBA’s board meeting is usually crucial but not definitive in signalling where the cash rate is likely to go. The full statement is available here.
The statement looks rather hawkish, signalling more rate hikes in the pipeline in 2023.
Here is what the bank changed in the accompanying statement:
(Note: The Reserve Bank Board meets eleven times each year, on the first Tuesday of each month, except January. So, the next meeting is on February 7, 2023).
RBA statement changes between November and December 2022:
Historical RBA rate: