As expected, the Reserve Bank of Australia has kept the cash rate at 2.5% for the 14th straight month, the longest in more than a decade.
RBA governor Glenn Stevens said that credit growth has been growing at a moderate pace and that dwelling prices have continued to rise. The interest rate supports the current state of the economy as it is expected to be below trend for the next several quarters. The Australian dollar has been taking a plunge in the past month, dropping to 86.43 US cents from a high of 94 cents. Despite this, the dollar has been offering “less assistance” to provide balance to the economy, according to the RBA governor.
Read more about this on the News.com.au website.
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