RBA left interest rates unchanged

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Tuesday, Mar 07 2017

RBA left interest rates unchanged

As expected, the Reserve Bank of Australia kept its benchmark interest rate unchanged at 1.50%. But the Australian dollar rose nonetheless after the decision, up 0.6% for the day against the U.S. dollar, thanks to Governor Philip Lowe’s optimistic outlook on Australia’s economic growth. In other words, the RBA will not need to cut rates any time soon and the Australian dollar will be firm?

In a statement, Governor Lowe said: „Conditions in the global economy have continued to improve over recent months…The Australian economy is continuing its transition following the end of the mining investment boom, expanding by around 2½ per cent in 2016. Exports have risen strongly and non-mining business investment has risen over the past year. Most measures of business and consumer confidence are at, or above, average. Consumption growth was stronger towards the end of the year, although growth in household income remains low.“

More in this category: « US Factory Orders rose by 1.2% German Factory Orders down by 7.4% »

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