The Reserve Bank is readying borrowers for interest rates to remain on hold for many months and warned price pressure may be broader than previously thought.

Governor Michele Bullock’s board kept the cash rate steady at 3.6 per cent at the November meeting after core inflation — which removes volatility — jumped to 3 per cent for the year to September.

That unanimous decision was vindicated days later when strong jobs data showed Australia’s unemployment rate had fallen back to 4.3 per cent.

Minutes from the November meeting gave another sign the RBA won’t rush the next cut.

The central bank had published a forecast after the meeting showing inflation would be “slightly above” the middle of its target range in 2027, based on market expectations of one more move.

But a staff forecast

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