The decision not to hike was a close call, as a surprise surge in migration and pay rises for public workers added to the case for more action, minutes showed.
Lamp posts in front of the Reserve Bank of Australia building in Sydney, Australia, on Monday, Feb. 6, 2023.Australia's central bank considered hiking rates for an 11th time in April before deciding to pause, but was ready to tighten further if inflation and demand failed to cool.
In the end, members felt it was best to hold for now and assess the impact of the steep 350 basis points of tightening already delivered which was clearly helping to cool consumer demand.
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