Interest rates on hold

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THE Reserve Bank of Australia (RBA) has left the cash rate on hold at 3.00 per cent at its first board meeting for 2013.

The decision to keep the cash rate unchanged was widely expected by most economists.

The RBA cut the cash rate four times between May and December in 2012, reducing the rate by 1.25 percentage points.

Governor Glenn Stevens says the board took into account the flow of recent information and that there had been a substantial easing of policy as a result of previous decisions, and judged that it was prudent to leave the cash rate unchanged.

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