Four days out from the federal election, the Reserve Bank of Australia has left the cash rate unchanged at 2.5% at its monthly meeting.
The bank lowered the cash rate at its last meeting in August, two days after Prime Minister Kevin Rudd called the election.
The bank increased the rate in November 2007, during the election campaign which led to the defeat of the Howard government.
Text of statement by Glenn Stevens, Governor, Reserve Bank of Australia.
At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent.
Recent information is consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year. Commodity prices have declined from their peaks, but generally remain at high levels by historical standards. Inflation in most countries remains well contained. [Read more...]