In its monthly cash rate decision for April, the Reserve Bank of Australia (RBA) opted to break its streak of 10 consecutive rate hikes and maintain the official cash rate at 3.60 per cent.

This decision comes after the RBA held the cash rate steady for the first time since April 2022, when it was at a record low of 0.1 per cent.

Governor Philip Lowe stated that the RBA is aware of the lag time in monetary policy and wants to assess the impact of previous interest rate hikes before making further decisions. This decision follows Mr Lowe's suggestion in March that the RBA may pause interest rate increases to evaluate the state of the economy.

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