Australian RBA Interest Rate Decision 4.60% vs. Exp. 4.6% (Prev. 4.35%)

The meaningful distinctions are between a hike framed as the last of a cycle, one framed as data-dependent with more to come, and the vote's unanimity, since prior RBA episodes have shown the governor's accompanying language and the board's risk assessment doing more to reprice the short end than the 25bp step itself. In comparable tightening phases, the transmission has run through the front of the Australian curve and the AUD rate differential rather than the long end, with the currency typically fading the event risk unless the guidance surprises. The follow-ons are the governor's remarks, any updated forecasts if this coincides with a Statement on Monetary Policy, and the subsequent inflation and labour prints that the statement will now have elevated in importance. Whether the statement signals a pause or keeps a tightening bias is the tell that separates a terminal rate from a waypoint.