The Reserve Bank of Australia's (RBA) board members affirmed that monetary policy must be "sufficiently restrictive" until they can be confident that inflation is moving toward the target, meeting minutes showed.
The members noted that upside inflation risks diminished since the last meeting, though they emphasized that risks remain. They stressed that relaxing the degree of policy tightness would be dependent on future data being in line or weaker than the forecast, as stronger data could delay easing.
The board eventually decided to keep the cash rate target at 4.35% and the interest rate on Exchange Settlement balances at 4.25%.
