The Reserve Bank of Australia has retained the cash rate at 0.1 percent for the 12th month after its monthly board meeting, despite mounting inflation and rate hikes by the big four banks. The bank has frequently stated that the cash rate will not be raised until inflation is sustainably between 2 to 3 percent, a policy that remains unchanged. Previously, Australia was forecasted to achieve this target at 2024 “at least,” but is now projected to reach the target by late-2023. “Inflation has picked up, but in underlying terms is still low, at 2.1 percent,” RBA governor Philip Lowe said in the monetary policy decision statement. “A further, but only gradual, pick-up in underlying inflation is expected.” The RBA now expects underlying inflation to reach 2.25 percent over 2021-22 and 2.5 percent over 2023. “The main uncertainties relate to the persistence of the current disruptions to global supply chains …