Australia Leaves Key Rate Unchanged At Record Low

Australia’s central bank kept its key interest rate unchanged at a record low on Tuesday as economists had expected.

The board of the Reserve Bank of Australia governed by Philip Lowe kept the cash rate at 1.50 percent.

Taking account of the available information the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time, the bank said in a statement.

The Australian economy is continuing its transition following the end of the mining investment boom, expanding by around 2.5 percent in 2016.

Headline inflation is expected to pick up over the course of 2017 to be above 2 percent, with the rise in underlying inflation expected to be a bit more gradual.
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