FOREX TradingCharts.com

Financial News: Australia Keeps Rate Unchanged

Australia Keeps Rate Unchanged

02/06/2018 - 02:33:00 (RTTNews)

(RTTNews) - Australia's central bank maintained its key interest rate at its first meeting of the year and remained upbeat about growth prospects despite slow household income growth.

The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at 1.50 percent, the bank said in a statement on Tuesday. The bank had reduced the rate by 25-basis points each in August and May last year.

Taking account of the available information, the RBA Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.

The bank hinted that interest rates are unlikely to rise anytime soon. The low level of interest rates is continuing to support the Australian economy, RBA said.

Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual, the bank observed.

Although the stronger economy is likely to lift wages, the bank expects wages growth to remain low. "Notwithstanding the improving labor market, wage growth remains low," the RBA said.

"This is likely to continue for a while yet," the bank added.

The Bank's central forecast for the Australian economy is for GDP growth to pick up, to average a bit above 3 percent over the next couple of years. At the same time, CPI inflation is forecast to be a bit above 2 percent in 2018.

The RBA pointed out the outlook for household consumption as one continuing source of uncertainty. Household incomes are growing slowly and debt levels are high.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Portugal Inflation Slows For Second Month (15 min(s), 22 sec(s) ago)
(RTTNews) - Portugal's consumer price inflation eased for the second straight month in January ...Full Story»

Latvia Inflation At 14-Month Low (03 min(s), 22 sec(s) ago)
(RTTNews) - Latvia's consumer price inflation eased for the fifth successive month in January ...Full Story»

OECD Unemployment Rate Falls In December (02 min(s), 22 sec(s) ago)
(RTTNews) - The unemployment rate in the Organization for Economic Cooperation and Development are ...Full Story»

China's Bank Lending At Record High (33 min(s), 22 sec(s) ago)
(RTTNews) - China's banks lent a record amount of new yuan loans in January, data from the Peo ...Full Story»

UK January Household Spending Fall First In 5 Years: Visa Survey (01 hr(s), 01 min(s), 38 sec(s) ago)
(RTTNews) - UK household spending declined at the start of the year, which was the first January d ...Full Story»

Swiss Inflation Slows In January (01 hr(s), 48 min(s), 38 sec(s) ago)
(RTTNews) - Switzerland's consumer price inflation slowed in January, data from the Federal St ...Full Story»

Singapore Visitor Arrivals, Tourism Receipts Hit Record Highs In 2017 (01 hr(s), 59 min(s), 38 sec(s) ago)
(RTTNews) - Singapore's both tourism receipts and visitor arrivals attained record highs for t ...Full Story»

Romania Industrial Production Grows Sharply In December (02 hr(s), 48 min(s), 38 sec(s) ago)
(RTTNews) - Romania's industrial production expanded markedly at the end of the year, mainly d ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Portugal Inflation Slows For Second Month

02/12/2018 - 06:39 AM (RTTNews)
(RTTNews) - Portugal's consumer price inflation eased for the second straight month in January ...Full Story>>

Latvia Inflation At 14-Month Low

02/12/2018 - 06:27 AM (RTTNews)
(RTTNews) - Latvia's consumer price inflation eased for the fifth successive month in January ...Full Story>>

OECD Unemployment Rate Falls In December

02/12/2018 - 06:26 AM (RTTNews)
(RTTNews) - The unemployment rate in the Organization for Economic Cooperation and Development are ...Full Story>>

China's Bank Lending At Record High

02/12/2018 - 05:57 AM (RTTNews)
(RTTNews) - China's banks lent a record amount of new yuan loans in January, data from the Peo ...Full Story>>

UK January Household Spending Fall First In 5 Years: Visa Survey

02/12/2018 - 04:22 AM (RTTNews)
(RTTNews) - UK household spending declined at the start of the year, which was the first January d ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.