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The Reserve Bank of Australia (RBA) signaled no commitment to additional rate cuts following its 25 basis point reduction in February, according to meeting minutes released Tuesday. Policymakers remain cautious about inflation risks despite signs of economic slowdown and a softer labor market.
The RBA lowered its benchmark cash rate to 4.10%—the first cut in five years—citing weaker GDP growth and a cooling job market. However, officials emphasized that further easing would be data-driven, with inflation trends being the key determinant. The central bank remains focused on bringing inflation within its 2%–3% target range.
“Members agreed that their decision at this meeting did not commit them to further reductions,” the minutes stated. While policymakers expressed confidence in balancing inflation control and labor market stability with lower rates, they acknowledged uncertainties remain.
Inflation had peaked at 30-year highs in 2023 before declining sharply, showing some progress. Still, the RBA remains cautious, wary that premature easing could reignite price pressures.
February’s cut came amid near-stagnant GDP growth and slower employment gains, raising concerns about the impact of prolonged high rates. Despite these worries, the RBA continues to assess downside economic risks while ensuring inflation remains under control.
