At the Board meeting today, the RBA decided to increase the cash rate by 0.25%. This brings the official rate to 2.60%.
The RBA governor announced that the bank decided to slow the rise a little and consider the outlook for inflation and economic growth in Australia.
He also stated the board expects to further increase rates in the future to ensure inflation was brought back to the target range of 2-3% over time.
In conjunction with interest rates, resolution of global supply-side issues and declines in commodity prices, inflation is expected to moderate to around 4% in 2023 and to around 3% in 2024.
The full statement can be found here on the RBA site.