Interest rates stay on hold

INTEREST rates have been left on hold for another month.
Nanjing Night Net

The Reserve Bank of Australia made the decision to keep the cash rate at 4.25 per cent this afternoon.

RBA Governor Glenn Stevens said the setting of monetary police was appropriate with growth expected to be close to trend, inflation close to target and lending rates close to average.

‘‘The board judged the pace of output growth to be somewhat lower than earlier estimated, but also thought it prudent to see forthcoming key data on prices to reassess its outlook for inflation, before considering a further step to ease monetary policy,’’ Mr Stevens said in a statement.

‘‘It is currently expected that inflation will be in the two to three per cent range over the coming one to two years. This forecast abstracts from the effects of the carbon price and also embodies an assumption that productivity growth in the economy increases somewhat as a result of the structural change now occurring.’’

Mr Stevens said the RBA would have the opportunity at its next meeting to reassess the outlook for inflation, taking into account not only data on demand and output, but also forthcoming information on prices.

Posted by at 17/05/2018
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