According to Jin10, minutes from the Reserve Bank of Australia’s August meeting showed that its nine-member policy board was divided over whether to raise rates, with several members saying a rate hike may be necessary given upside inflation risks. The minutes said other members believed the current 4.35% cash rate was working to help lower inflation and that there was time to watch economic developments. They also warned that upcoming data would need to show inflation falling further to the 2% to 3% target range within a reasonable period. The committee listed the Middle East conflict, the global boom in artificial intelligence and data center investment, and weak productivity as major risks, while some members said those risks remained uncertain and recent economic developments meant there was more time to keep policy unchanged. Market pricing showed only a 13% chance that the RBA would lift the cash rate to 4.6% at its next meeting on September 28 to 29, and about a 67% chance of a rate hike by next February.