Interest Rates On Hold At Historic Low

Posted on June 5th, 2013 · Posted in News

The Reserve Bank has left the official interest rate on hold at a historic low of 2.75%.

The decision comes as little surprise to most economists, who had tipped the cash rate to remain steady after the Board’s June meeting.  The RBA last cut the cash rate by 25 basis points when it met in May.  In its statement, the RBA said low interest rates left the door open for more rate cuts in the months ahead.

“At today’s meeting the Board judged that the easier financial conditions now in place will contribute to a strengthening of growth over time, consistent with achieving the inflation target. It decided that the stance of monetary policy remained appropriate for the time being,” the RBA said in a statement.  “The Board also judged that the inflation outlook, as currently assessed, may provide some scope for further easing, should that be required to support demand.”

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