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Breaking: Reserve Bank keeps interest rate at 4.35pc as economy slows
The Reserve Bank of Australia has kept the cash rate at 4.35 per cent, citing a slowing economy and rising unemployment, while underlying inflation remains high. The decision was unanimous, with the next meeting scheduled for August.
The Reserve Bank of Australia has decided to keep interest rates on hold at 4.35 per cent, according to a statement from the central bank. The decision follows recent data indicating that Australia's economy has lost momentum and that the unemployment rate has risen.
The Reserve Bank board's June meeting concluded with the cash rate remaining unchanged, a move widely anticipated ahead of the announcement. The decision was unanimous, and the official cash rate will stay at 4.35 per cent for the next two months, with the next meeting scheduled for August 10-11.
Coverage comparison
ABC Australia reported on the lead-up to the decision, noting that the Reserve Bank board was expected to keep rates steady at 4.35 per cent, following three consecutive rate hikes earlier in the year. The broadcaster also highlighted the impact of the US-Iran ceasefire deal, which had boosted investor sentiment and contributed to a record close for the Dow Jones Industrial Average.
In its report on the outcome, ABC Australia confirmed that the Reserve Bank had indeed kept rates on hold, citing the slowing economy and rising unemployment as key factors. The report also noted that underlying inflation remains too high, which influenced the decision to maintain current rates.
Key claims
The Reserve Bank board's decision on interest rates was announced at 2:30pm AEST after its two-day June meeting.
Interest rates were widely forecast to remain unchanged at 4.35 per cent, with expectations overwhelmingly for a hold.
The US-Iran ceasefire deal was reported to have boosted sentiment among investors, with the Dow Jones Industrial Average climbing to a record close.
Data from Cotality indicated that final auction results were pointing to a cooling property market, described by one reporter as a potential "buyers strike."
Recent economic data showed that Australia's economy has lost momentum and that the unemployment rate has risen.
Underlying inflation remains too high, according to the Reserve Bank, prompting the decision to keep rates steady.
Perspectives
Reserve Bank of Australia: The central bank's decision to hold rates at 4.35 per cent reflects its assessment that the economy is losing momentum and unemployment is rising, while underlying inflation remains elevated. The bank has chosen to wait and see how the economy performs in the coming weeks.
Economists and analysts: Some prominent economists have shifted their forecasts toward the central bank remaining on hold for the foreseeable future, with some now tipping the next move to be a decrease in rates.
How this outlet told it
ABC Australia
Framing: Neutral, focusing on the upcoming interest rate decision — Informative, with a touch of personality in the writing style
Facts Included:
Reserve Bank board meeting to decide on interest rates
Interest rates expected to remain unchanged at 4.35 per cent
US-Iran ceasefire deal boosted sentiment among investors
Dow Jones Industrial Average climbed to a record close
Australian property market showing signs of cooling
Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status counts the distinct outlets we found asserting it — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.
Claim
Confidence
Status
ClaimThe Reserve Bank board meeting will decide on interest rates.