The Reserve Bank of Australia (RBA) has reaffirmed its commitment to maintaining a 'sufficiently restrictive' monetary policy stance, according to the latest meeting minutes.

Board members emphasized that this approach is necessary until they can be confident that inflation is moving towards the target. They observed that upside inflation risks have diminished since the last meeting, but cautioned that risks remain.

The RBA highlighted that any relaxation in policy tightness would depend on future data aligning with or being weaker than current forecasts. Stronger data could potentially delay any easing measures.

In conclusion, the board decided to keep the cash rate target at 4.35% and the interest rate on Exchange Settlement balances at 4.25%.