RBA left interest rates unchanged

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Wednesday, May 02 2018

RBA left interest rates unchanged

At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The housing markets in Sydney and Melbourne have slowed. Nationwide measures of housing prices are little changed over the past six months, with prices having recorded falls in some areas. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. APRA's supervisory measures and tighter credit standards have been helpful in containing the build-up of risk in household balance sheets, although the level of household debt remains high.

The low level of interest rates is continuing to support the Australian economy. Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.

More in this category: « German retail turnover in March 2018: +1.3% in real terms on March 2017 China’s PMI rose to 51.1 in April »

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