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Financial News: Australia Keeps Rates On Hold

Australia Keeps Rates On Hold

08/07/2018 - 00:44:00 (RTTNews)

(RTTNews) - Australia's central bank kept its key interest rate unchanged, on Tuesday, as widely expected by economists.

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

"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.

The low level of interest rates is continuing to support the Australian economy, RBA noted. Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual, said RBA.

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