RBA kept interest rates at 4.10% in September

The Reserve Bank of Australia (RBA) maintained the Official Cash Rate (OCR) at 4.10% after its monetary policy meeting in September, as was largely predicted.

The important points of Phillip Lowe's final monetary policy statement, which was delivered by outgoing RBA Governor Lowe, are summarized here.

• It might be necessary to tighten monetary policy even more.
• The Board is steadfast in its resolve to bring inflation back to goal.
• In the economy, higher interest rates are attempting to create a balance between supply and demand that is more enduring.
• The labor market is still strong, inflation is declining, and the economy is running at a high capacity utilization rate.
• Holding off will give analysts more time to evaluate the effects of the interest rate increase so far and the future direction of the economy.
• For some time to come, inflation will continue to be too high.
• The future of the Chinese economy is becoming more uncertain.
• Many services are seeing rapid price increases, and rent inflation is also high.
• The same thing might happen in Australia as service price inflation has been remarkably persistent internationally.
• The economy is currently growing below trend, and this is anticipated to last for some time.
• Additionally, the future of household consumption is questionable.