Jim Chalmers ‘welcomes’ RBA decision to keep cash rate on hold

Treasurer Jim Chalmers says he welcomes the decision from the Reserve Bank of Australia to leave the cash rate on hold at 4.35 per cent in August. “This is a welcome decision from the Reserve Bank, because it recognises pressures that people are under, the progress we’ve made on underlying inflation, but also the severe market volatility we’ve seen and global economic uncertainty more broadly,” Mr Chalmers said during a media conference on Tuesday. “Australians are doing it tough enough already, the last thing they needed today was more cost of living pressure.”