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Financial News: Australia Keeps Interest Rate Unchanged

Australia Keeps Interest Rate Unchanged

04/04/2017 - 00:47:00 (RTTNews)

(RTTNews) - Australia's central bank maintained its interest rate at a record low on Tuesday, as widely expected.

The board of the Reserve Bank of Australia, governed by Philip Lowe, kept the cash rate unchanged at 1.50 percent. The bank had reduced the rate by 25-basis points each in August and May 2016.

"Taking account of the available information, the 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 said in a statement.

Recent data reflects ongoing moderate economic growth, policymakers observed. The forward-looking indicators point to continued growth in employment over the period ahead, the bank said.

The bank said the outlook continues to be supported by the low level of interest rates.

The depreciation of the exchange rate since 2013 has also assisted the economy in its transition following the mining investment boom. An appreciating exchange rate would complicate this adjustment, policymakers added.

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