RBA Minutes: Inflation Had To Be Addressed
(RTTNews) - Members of the Reserve Bank of Australia's Monetary Policy Board felt that an interest rate hike was appropriate in order to deal with persistent inflation, minutes from the central bank's Feb. 3 meeting revealed on Tuesday.
Inflation in the December quarter was higher than expected, the minutes showed, and it was expected to remain persistently above the bank's target range for too long to be left unchecked.
Global economic developments had supported the domestic economy, the members said, but excess demand was unlikely to be corrected if the cash rate was not raised
At the meeting, the RBA raised its benchmark rate for the first time since November 2023, by 25 basis points to 3.85 percent. The board observed that inflationary pressures picked up materially in the second half of 2025.
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