RBA keeps interest rates steady; Jacinta Allan formally apologises to First Peoples; Anika Wells travel expenses saga continues

Treasurer Jim Chalmers is expected to address reporters about the Reserve Bank’s decision to hold interest rates steady about 3pm AEDT.

In the meantime, he’s released a statement about the decision, saying it was “as expected”.

“While millions of Australians would have preferred more rate relief, this decision was widely anticipated by economists and markets,” Chalmers said.

“Inflation has moderated substantially since we came to office and that has given the Reserve Bank the confidence to cut interest rates three times this year.”

The previous interest rate cuts gave welcome relief to millions of families this year, and inflation was much lower than the 6.1 per cent it was before Labor came to office, Chalmers said.

“The private sector has resumed its rightful place as the key driver of growth, powered by the strongest growth in private investment in almost five years,” he said.

“The RBA has acknowledged this in their decision today, noting that private sector growth and investment are both strengthening.”

However, the government acknowledged there was “still more work to do and people are still under pressure”, which was why it was rolling out cost-of-living relief, the treasurer said.

We’ll have a livestream of Chalmers’ 3pm AEDT address in this blog.