Reserve Bank of Australia leaves rates on hold

At its Board meeting earlier today, the Reserve Bank judged it was prudent to leave the cash rate on hold yet again at the historically low level of 2.5 per cent.

“Today’s announcement would have failed to shock industry pundits given that the latest data to come out of the Australian market shows the economy is tracking along quite nicely.

“According to the latest data from the Westpac Melbourne Institute of Consumer Sentiment, confidence improved last month, climbing 1.9 per cent in July.”

“In addition, National Australia Bank’s latest Monthly Business Survey found business confidence recorded an unexpected increase, while data from the Australian Bureau of Statistics shows retail sales enjoyed a solid lift - increasing 0.6 per cent.

Posted in: Interest rates

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