The Reserve Bank of Australia has left the cash rate unchanged at 2.75%.
The decision was made at the bank’s monthly board meeting today.
The bank says that “the easier financial conditions now in place will contribute to a strengthening of growth over time, consistent with achieving the inflation target”.
Text of statement from Glenn Stevens, Governor of the Reserve Bank.
At its meeting today, the Board decided to leave the cash rate unchanged at 2.75 per cent.
Information becoming available since the previous meeting 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, overall, remain at high levels by historical standards. Inflation has generally moderated over recent months and monetary policy has been eased further in a number of countries.
Financial conditions internationally are very accommodative. Despite the recent rise in sovereign bond yields, funding conditions for sovereigns, well-rated corporates and most financial institutions remain very favourable.