The Reserve Bank of Australia kept its key interest rate and 3-year Treasury yield target unchanged at 0.10% on Tuesday, in line with expectations.

In a statement after the October policy meeting, Reserve Bank of Australia Chairman Philip Lowe said, “The Board is committed to maintaining highly supportive monetary conditions so that Australia can return to full employment and inflation is in line with the target.” The statement said, “It will not raise cash interest rates until the actual inflation rate remains within the target range of 2% to 3%. The core scenario of the economy is that this condition will not be met until 2024.”

The statement said, “In our core scenario, the economy will grow again in the December quarter, and it is expected that the second half of next year will return to the path before the Delta variant virus.”