Interest rates on hold for December

THE Reserve Bank has kept the official cash rate unchanged at 2.5 per cent at its last board meeting of the year.money

The local currency slipped a quarter of a cent after the statement was released, falling to 90.68 US cents just after 2.30pm.

RBA governor Glenn Stevens said in a statement that current monetary policy settings were appropriate, but he stressed that the Australian dollar was “still uncomfortably high”.

“The board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target,” he said.

 

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