Australia's central bank, the Reserve Bank of Australia (RBA), considered raising interest rates by 25 basis points at its monetary policy meeting in October but ultimately decided to keep the benchmark lending rate at 4.1%. Inflation remained above the target range of 2% to 3%, and services price inflation was high. However, the board acknowledged that the labor market had reached a "turning point" and output growth had slowed. The RBA concluded that there was not enough new information to adjust monetary policy in October, but further tightening may be required if inflation persists.

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