The Reserve Bank of Australia has kept the official cash rate on hold at 4.35% after three consecutive increases earlier this year. RBA Governor Michele Bullock warns that inflation remains too high and further rate rises have not been ruled out, while banks are divided on predictions for future rate movements. The government is also considering whether to extend the fuel excise cut beyond its 30 June expiry date as Australian consumers and small businesses face continued cost-of-living pressures.
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