Chalmers Says RBA Rate Hold Catches Australians Off Guard

Australian Treasurer Jim Chalmers said the Reserve Bank of Australia’s decision to leave its cash rate unchanged was neither what financial markets nor “millions of Australians” had expected. The treasurer described the outcome as disappointing for households hoping for relief from high borrowing costs. Chalmers added that the central bank has nonetheless “indicated the direction of travel” on both inflation and interest rates, suggesting policymakers believe price pressures are moving toward their target and that the current policy stance is consistent with that trajectory.