THE Reserve Bank of Australia has left the official cash rate unchanged from its record low level of 2.75 per cent.
The RBA last cut the cash rate in May. At the time the RBA said low inflation had allowed it to make the reduction, and cited the high Australian dollar as one of the reasons why conditions remained tough for business.
RBA governor Glenn Stevens said at today’s meeting the board judged that the easier financial conditions now in place will contribute to a strengthening of growth over time, consistent with achieving the inflation target.
It decided that the stance of monetary policy remained appropriate for the time being.
The Board also judged that the moderate inflation outlook may provide some scope for further easing, should that be required to support demand.
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