The Reserve Bank of Australia has held the cash rate for a third time in a row as a surge in inflation has effectively killed hopes for near-term cuts.<\/p>\n
Join SkyNews.com.au to watch Treasurer Jim Chalmers speak on the decision at 3pm followed by RBA governor Michele Bullock at 3.30pm.<\/a><\/p>\n Australia\u2019s cash rate has remained on hold at 3.6 per cent since rates were last cut in August.<\/p>\n It follows inflation rising 3.8 per cent in the 12 months to October<\/a>, while the unemployment rate remained near historic lows at 4.3 per cent<\/a>.<\/p>\n The RBA said the recent data shows there continues to be upside risks to inflation, but it will take longer to analyse the “persistence” of these pressures.\u00a0<\/p>\n It also stressed that some of the recent increases in trimmed mean inflation were due to temporary factors.<\/p>\n Power prices jumped 37 per cent throughout the period after rebates rolled off, and housing costs lifted almost six per cent.<\/p>\n This has pushed the case for the RBA to lift rates next year.<\/p>\n All 35 experts polled by comparison site Finder predicted the RBA would maintain the cash rate, but about one in three have forecasted a rate hike next year.<\/p>\n Finder\u2019s head of consumer research Graham Cooke said attitudes about rate moves had shifted rapidly in recent times.<\/p>\n \u201cJust a few months ago, another rate cut looked within reach. Now, we have the most divided panel I\u2019ve seen in years,\u201d Mr Cooke said.<\/p>\n \u201cNobody knows which way the RBA will go next.\u201d<\/p>\n While inflation was up in the year to October, it was unchanged on a monthly basis while power prices were down about 10 per cent.<\/p>\n