The Reserve Bank of Australia meets on Monday and Tuesday, with the spot rate likely to remain at 4.35%, its highest level in 12 years.

The Reserve Bank of Australia meets today and tomorrow, Monday 17 June 2024 and Tuesday 18 June 2024.

The Bank’s decision is expected at 2:30 p.m. Sydney time on Tuesday.

• It’s 04:30 GMT and 00:30 US Eastern Time

Reserve Bank of Australia Governor Bullock will hold his press conference an hour later, at 3:30 p.m. local time (05:30 GMT, 1:30 a.m. US Eastern Time).

The latest data from the Bank’s two mandates shows inflation stubbornly above target (the target range is 2-3%):

Even though the job market remains strong, with the unemployment rate not much higher than its recent lowest level in nearly five decades:

• Australian unemployment rate in May at 4.0% (vs. 4.0% expected)

High inflation and a resilient labor market mean the Bank will keep its policy rate at 4.35%. A reduction is expected perhaps at the end of this year or early next year: