The rate in the September quarter dropped to 2.8%, putting it for the first time within the Reserve Bank’s target range of two-point-something since the March quarter of 2020.

This widely expected move leaves homeowners facing the 13-year high cash rate at least until November 5, when the next RBA board meeting is scheduled.

The bank has indicated that it plans to focus on underlying price pressures rather than temporary cost-of-living relief measures

Australia started raising interest rates when inflation reached about the same level as the other countries, but increased them by much less, by 4.25 percentage points, compared for example to 5.25 points in the United States.

The proportion of people aged 15 and over who are either working or actively seeking work, remained stable at 66.8 per cent.

RBA officials reaffirmed adjusting policies as needed to ensure inflation targets are met, reflecting ongoing vigilance against potential risks.

Under this approach, the Reserve Bank will continue to supply plenty of funds that banks can freely borrow at the target cash rate

RBA emphasised its commitment to closely monitor global economic developments, domestic demand trends, and the labor market outlook.

The possibility of further tightening of monetary policy will depend on evolving data and risk assessments.

Goods price inflation has eased, but the prices of many services are rising briskly