Reserve Bank Curbs Rate-Cut Hopes
Australia's Reserve Bank is in no rush to cut interest rates again, according to the minutes from its last meeting.
The central bank is concerned that inflation may be stronger than expected, driven by price growth in the services economy, including sectors such as healthcare, finance, and hospitality.
Upcoming economic data, including inflation figures for the September quarter, will be crucial in determining the future direction of Australia's economy.
The bank's board said that this data, to be released at the end of October, will guide its next steps.
Author's summary: Reserve Bank waits for economic data before cutting interest rates.