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In Shadow Of Greek Crisis, Reserve Bank Leaves Cash Rate At 2%

In the shadow of the Greek debt crisis, the Reserve Bank has left interest rates unchanged, following today’s monthly board meeting.

The cash rate will stay at 2%. The rate was last changed in May when it was cut by 25 basis points.

Greece defaulted on a debt repayment last week. A referendum last Sunday voted 60% against further austerity measures imposed on Greece by the European Union.

In its decision, the RBA noted that: “The Australian dollar has declined noticeably against a rising US dollar over the past year, though less so against a basket of currencies. Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices.”

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, but some key commodity prices are much lower than a year ago. This trend appears largely to reflect increased supply, including from Australia. Australia’s terms of trade are falling nonetheless. [Read more…]

Howard And Karamanlis Sign Social Security Agreement

This is the joint press conference between Prime Minister John Howard and Greek Prime Minister Kostas Karamanlis.

Howard announced that Australia had signed a Social Security Agreement with Greece, which will provide improved access to age and retirement benefits, allowing people who live in either country to claim their entitlement to pensions from both countries.

Australia has committed $165 million over four years for the Agreement. [Read more…]