According to minutes of the RBA’s board meeting released yesterday, members of the board noted that past cash rate increases had been “passed through” to lending interest rates in full with many economists predicting that the RBA is expected to keep the official cash rate on hold until at least August, having moved rates back to more “neutral levels”.

While the board said there was uncertainty around long term expansion, the board indicated it would take a flexible approach.

“For the near term, therefore, members judged that it was appropriate to leave the cash rate unchanged,” the minutes read.

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