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Financial News: Australia's Central Bank Retains Key Rate

Australia's Central Bank Retains Key Rate

08/06/2019 - 00:39:00 (RTTNews)

(RTTNews) - Australia's central bank left its key interest rate unchanged on Tuesday, after cutting the rate by 25 basis points each at the previous two meetings.

The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at a record low 1.00 percent.

"The Board will continue to monitor developments in the labour market closely and ease monetary policy further if needed to support sustainable growth in the economy and the achievement of the inflation target over time," the bank said in a statement.

Policymakers said it is reasonable to expect that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieve more assured progress towards the inflation target.

The bank noted that recent labor market outcomes suggest that the Australian economy can sustain lower rates of unemployment and underemployment. Further, inflation is expected to be a little under 2 percent over 2020 and a little above 2 percent over 2021.

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