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Revealed: the reasons behind RBA’s split call on rates
MINUTES from the Reserve Bank’s March cash rate meeting should prove interesting reading. The 5-4 split on the monetary policy board in favour of a 25-basis-point hike was the narrowest since the RBA started publishing unattributed votes in July 2025. Governor Michele Bullock has already revealed what was behind the division. “All members agreed another rate increase was needed to address domestic inflationary pressures,” she told reporters after the meeting on March 17. The difference in opinion came down to timing, she said. The five hawks, who ultimately go
