The Reserve Bank of Australia is moving forward with the launch of Project Acacia, a three-year program aimed at laiunching\ wholesale CBDC and tokenized commercial bank deposits.

The Reserve Bank is unlikely to give interest rate relief to borrowers at the September meeting as Australia's inflation rate still has fight left in it.

At its September meeting, the Reserve Bank of Australia held its cash rate at 4.35%, matching market expectations and maintaining borrowing costs for the seventh consecutive meeting.

The Reserve Bank of Australia kept interest rates steady, deepening a split with global counterparts including the Federal Reserve that are loosening policy as they grow increasingly confident that inflation is under control.

Australia’s central bank on Tuesday reiterated that interest rate cuts were unlikely in the near term as it held policy steady, but softened its hawkish stance by saying monetary tightening was not discussed.

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Australia's central bank held interest rates steady on Tuesday as expected, while reiterating that policy needed to stay tight and it was not ruling out further increases if needed to control inflation.