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Financial News: Australia Keeps Rates On Hold

Australia Keeps Rates On Hold

02/05/2018 - 23:01:00 (RTTNews)

(RTTNews) - Australia's central bank decided to leave its key interest rate unchanged at a record low, as widely expected, on Tuesday.

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

The bank noted that the low level of interest rates is continuing to support the Australian economy.

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.

The central forecast is for CPI inflation to be a bit above 2 percent in 2018.

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.

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