Members of the Reserve Bank of Australias Monetary Policy Board said that the countrys gross domestic product continues to be subdued and is softer than expected, minutes from the central banks December 9-10 meeting revealed on Tuesday.
Inflation remains a concern, the minutes showed, as underlying consumer prices are still too high, the board members said.
Complicating that fact, members acknowledged that wage growth has slowed more than expected.
At the meeting, the RBA Policy Board held the cash rate target at a 13-year high of 4.35 percent. The previous change in the interest rate was in November 2023, when it was lifted by 25 basis points to the highest level since late 2011.