RBA maintains its cash rate at 4.35% as expected; says some upside risks to inflation appear to have eased; Board is gaining some confidence that inflation is moving sustainably towards target

Recent data on inflation and economic conditions are still consistent with these forecasts, and the Board is gaining some confidence that inflation is moving sustainably towards target.
Underlying inflation remains too high.
The outlook remains uncertain.
Board is gaining some confidence that inflationary pressures are declining in line with recent forecasts, but risks remain.
Board will continue to rely upon the data and the evolving assessment of risks to guide its decisions.
While underlying inflation is still high, other recent data on economic activity have been mixed, but on balance softer than expected in November.
There remains a high level of uncertainty about the outlook abroad.
Wage pressures have eased more than expected in the November SMP.
Taking account of recent data, the board’s assessment is that monetary policy remains restrictive and is working as anticipated.

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