Australia
The RBA’s 7-8 July Monetary Policy Board meeting left the official cash rate unchanged at 3.85 per cent. Six Board members voted in favour of keeping the cash rate steady, three voted against. This was the first Board meeting under the new arrangements in which an unattributed voting record is published in the event the Board fails to reach consensus. Financial markets had priced a 96 per cent chance of a rate cut at the meeting. The RBA last lowered interest rates by 25 basis points in May.
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