Reserve Bank of Australia (RBA) has announced a pause in the cash rate target for April 2023 after the board meeting held on 4th April 2023.
The cash rate target has been increasing for consecutive months since May 2022 (except for Jan 2023). Now that there is a pause in the increase, cash rate target for April 2023 sits at 3.60 per cent – still the highest cash rate target since 10 years ago.
The pause on the increase in cash rate target was decided after considering the time lag in the monetary policy. By next month, RBA will reassess the impacts of the interest rates to date and the economic outlook before deciding whether it will be necessary to implement changes to the cash rate target.
Date revised: 05 April 2023