The Reserve Bank of Australia on Tuesday left the country's key interest
rate unchanged at 3%, meeting widely held expectations by economists.
The rate has been at 3% since December when monetary policy makers cut
it by a quarter-percentage point. The central bank in a statement
Tuesday said global growth is forecast to be a little below average for a
time, but the downside risks appear to be reduced. Policy makers, led
by Governor Glenn Stevens, also said labor costs remain contained and
businesses are focusing on lifting efficiency. These trends should help
to keep inflation low, even as the effects on prices of the earlier
exchange rate appreciation wane. Australia's currency was little changed
after the decision, trading at $1.0466. It settled late Monday at
around $1.0422.
Source by Commodity Insights
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