RBA cools interest rate action
Often the predicted action after a cash rate cut, a subsequent hold allows the RBA to realise the full effects on the market and economy, as explained by RBA Governor: Monetary Policy Decision Glenn Stevens.
“…the global economy is expanding at a moderate pace, some key commodity prices are much lower than a year ago.”
“Low interest rates are acting to support borrowing and spending. Credit is recording moderate growth overall, with stronger lending to businesses and growth in lending to the housing market broadly steady over recent months”
“Having eased monetary policy last month, the Board judged that leaving the cash rate unchanged was appropriate at this meeting."
“Information on economic and financial conditions to be received over the period ahead will inform the Board's assessment of the outlook and hence whether the current stance of policy will most effectively foster sustainable growth and inflation consistent with the target.”
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