The Reserve Bank has left official interest rates steady at 3.6 per cent this afternoon following its two-day meeting.

In a statement following what was its third last meeting of the year, the bank’s monetary policy committee said while inflation had fallen substantially since its peak in 2022, there were signs that the rate of decline was slowing.

Rates have been cut three times this year, most recently at its August meeting. Markets and economists had not expected the bank to follow that August decision with another cut today.

A rate cut at by year’s end – the monetary policy committee meets in November and December – is considered a 50-50 chance by financial markets.

According to the bank, there are signs that the private sector – led by consumers – was starting to recover, taking o

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