Breaking News - Interest Rate Update
The RBA has opted to leave the official cash rate on hold at 1.5%.
At its board meeting today the Reserve Bank of Australia decided to once again leave the official cash rate unchanged for the 12th consecutive month.
The RBA avoided the temptation to follow other developed economies and increase rates, taking into account the impact this would have on the Australian dollar and therefore tourism and other exports. Other factors considered would have been sluggish consumer spending and record low wages growth which have led to lower than desired inflation and fears that housing construction is set to slow.