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RBA left interest rates unchanged

Tuesday, Oct 03 2017
RBA left interest rates unchanged

The Reserve Bank of Australia (RBA) on Tuesday held its cash rate steady at a record low 1.50% as expected and signaled to markets that the economy continues to improve. The low level of interest rates is continuing to support the Australian economy. 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.

The Australian dollar has appreciated since mid year, partly reflecting a lower US dollar. The higher exchange rate is expected to contribute to continued subdued price pressures in the economy. It is also weighing on the outlook for output and employment. An appreciating exchange rate would be expected to result in a slower pick-up in economic activity and inflation than currently forecast.

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