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Reserve Bank of Australia holds cash rate at record low 2.5% as expected

Published 03/03/2014, 10:32 PM
Updated 03/03/2014, 10:34 PM

Investing.com - The Reserve Bank of Australia held its cash rate steady at a record low 2.5% as expected, indicating it continues to see a period of stability on monetary policy.

"Looking ahead, the Bank expects unemployment to rise further before it peaks. Over time, growth is expected to strengthen, helped by continued low interest rates and the lower exchange rate. Inflation is expected to be consistent with the 2–3 percent target over the next two years," Governor Glenn Stevens said in a statement following a board meeting to review interest rates.

"In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates."

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