RBA keeps the Cash Rate unchanged at 4.35%, as expected, but warned of potential further hikes if necessary citing persistent inflation and oil supply disruptions

Decision was unanimous.
Latest data indicate that headline and underlying inflation remain too high.
The board will monitor incoming data and the evolving assessment of the outlook and risks to guide its decisions.
Short-term inflation expectations have eased but remain above levels seen earlier this year.
The board remains focused on preventing inflation from becoming entrenched once the impact of higher oil prices has passed through.
Monetary policy is well placed to respond to developments and the Board is focused on its mandate to deliver price stability and full employment. It will do what it considers necessary to achieve that outcome, including increasing the cash rate target further if required.
Uncertainty remains elevated around the outlook for domestic economic activity and inflation.
Financial conditions have tightened this year following three increases in the cash rate target.
Inflation is expected to stay high for some time.
Global oil supply issues are expected to take time to resolve, keeping upward pressure on global energy prices and inflation.