Australian Economy Australian interest rates

RBA fears “persistently elevated inflation”

Thursday 15 October 2026

The Reserve Bank of Australia’s (RBA) latest board monetary policy meeting minutes, released publicly on Tuesday, largely dashed hopes that interest rates might begin to fall early next year.

At the meeting, the RBA raised the official cash rate to a 15-year high of 4.60%.

The minutes were decisively more hawkish than Governor Bullock’s unscripted media answers following the latest meeting, with a clear focus on upside risks to inflation and little attention given to downside risks to jobs and growth.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.