The Reserve Bank has decided to keep the cash rates at 2.5% for the 9th consecutive month, citing stable present economic conditions that favor the current interest rates. This was announced as the RBA wrapped up their board meeting on Tuesday afternoon.
Economists are not surprised with this decision, adding that the first quarter inflation was not enough to raise consumer prices and was within the RBA’s target of 2 – 3%. They also point out a gradual increase in the job market despite a mining growth slowdown. In the property sector, building approvals are down by 3.5% for March as economists predict the market to taper off. Despite this, home demand has remained strong.
Read more about this on the Age website.