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Financial News: Australia Keeps Rates On Hold

Australia Keeps Rates On Hold

06/05/2018 - 00:43:00 (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.

At the meeting, the Board judged that holding the stance of monetary policy unchanged would be consistent with sustainable growth in the economy and achieving the inflation target over time.

The bank repeated that the low level of interest rates is continuing to support the Australian economy. Although further progress in reducing unemployment and having inflation return to target is expected, this progress is likely to be gradual, the bank noted.

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