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Financial News: Australia Maintains Interest Rate At Record Low

Australia Maintains Interest Rate At Record Low

07/04/2017 - 00:39:00 (RTTNews)

(RTTNews) - Australia's central bank decided to leave its interest rate unchanged at a record low 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.

"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 Australian economy is expected to strengthen gradually, with the transition to lower levels of mining investment following the mining investment boom almost complete.

The bank observed that the depreciation of the exchange rate since 2013 has assisted the economy in its transition following the mining investment boom. An appreciating exchange rate would complicate this adjustment, RBA noted.

Further, the bank said wage growth remains low, however, and this is likely to continue for a while yet. Inflation is forecast to increase gradually as the economy strengthens.

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