The Reserve Bank has left the cash rate unchanged, following its monthly Board meeting today.

The cash rate remains at 2%, where it has been since May 2015.

The RBA’s Governor, Glenn Stevens, noted that commodity prices have declined substantially and financial markets have been more volatile. It says the expansion of the non-mining parts of the economy strengthened in 2015 and inflation is low.

Stevens said: “Over the period ahead, new information should allow the Board to judge whether the improvement in labour market conditions is continuing and whether the recent financial turbulence portends weaker global and domestic demand. Continued low inflation would provide scope for easier policy, should that be appropriate to lend support to demand.”

• Interest Rate Changes Since 1990

Statement by Glenn Stevens, Governor of the Reserve Bank of Australia.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 2.0 per cent.

Recent information suggests that the global economy is continuing to grow, though at a slightly lower pace than earlier expected. While several advanced economies have recorded improved growth over the past year, conditions have become more difficult for a number of emerging market economies. China’s growth rate has continued to moderate. [Read more…]

At its final meeting for the year, the board of the Reserve Bank of Australia has decided to leave interest rates on hold.

The cash rate remains at 2%, where it has been since May 2015.

• Table of interest rate changes since 1990

Statement from Glenn Stevens, Governor of the Reserve Bank of Australia.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 2.0 per cent.

The global economy is expanding at a moderate pace, with some softening in conditions in the Asian region, continuing US growth and a recovery in Europe. Key commodity prices are much lower than a year ago, reflecting increased supply, including from Australia, as well as weaker demand. Australia’s terms of trade are falling. [Read more…]

The Reserve Bank’s cash rate remains unchanged at 2%, following today’s meeting of the bank’s board.

The rate was last changed in May 2015, when it was cut by 0.25% to 2%.

In a statement on behalf of the Board, the bank’s Governor, Glenn Stevens, noted that “other major central banks are continuing to ease policy”. He said: “In Australian, the available information suggest that moderate expansion in the economy continues.”

“Low interest rates are acting to support borrowing and spending,” Stevens said.

• Interest Rate Movements Since 1990

Statement from Glenn Stevens, Governor of the Reserve Bank of Australia.

At its meeting today, the Board decided to leave the cash rate unchanged at 2.0 per cent.

The global economy is expanding at a moderate pace, with some further softening in conditions in China and east Asia of late, but stronger US growth. Key commodity prices are much lower than a year ago, in part reflecting increased supply, including from Australia. Australia’s terms of trade are falling. [Read more…]

The Reserve Bank of Australia has left interest rates unchanged at its monthly meeting today.

Last month’s historic low cash rate of 2.0% stays in force for the time being.

• Interest Rates Since 1990

Statement by Glenn Stevens, Governor of the Reserve Bank.

At its meeting today, the Board decided to leave the cash rate unchanged at 2.0 per cent. [Read more…]

The Reserve Bank of Australia has left interest rates unchanged for the fourteenth consecutive month.

The cash rate of 2.5% was set in August 2013 and has remained unchanged since then. It is the longest period of interest rate stability since 2005-06.

In a statement, the bank’s Governor, Glenn Stevens, said: “The exchange rate has declined recently, in large part reflecting the strengthening US dollar, but remains high by historical standards, particularly given the further declines in key commodity prices in recent months. It is offering less assistance than would normally be expected in achieving balanced growth in the economy. Looking ahead, continued accommodative monetary policy should provide support to demand and help growth to strengthen over time. Inflation is expected to be consistent with the 2–3 per cent target over the next two years.”

• Interest Rate Movements Since 1990

Statement by Glenn Stevens, Governor of the Reserve Bank of Australia.

Statement by Glenn Stevens, Governor: Monetary Policy Decision

At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent. [Read more…]