RBA Minutes Signal Patience, Hold Cash Rate at 4.35%

The latest RBA minutes released on June 30 show the board deliberately held the cash rate at 4.35% without signaling any policy pivot. Policymakers cited inflation remaining materially above target and underlying pressures still rising, while keeping the door open to future hikes if data warrant. This follows Christopher Kent's June 28 speech outlining a new framework that reserves unconventional tools for exceptional cases and signals lower tolerance for inflation undershoots when rates are already low. Markets now price a hawkish hold with rates likely to stay elevated.