THE Reserve Bank of Australia has left the cash rate unchanged at 4.75 per cent.
The Board today judged that the current mildly restrictive stance of monetary policy remained appropriate.
“The global economy is continuing its expansion, but the pace of growth slowed in the June quarter,” the bank says. “The supply-chain disruptions from the Japanese earthquake and the dampening effects of high commodity prices on income and spending in major countries have both contributed to the slowing.”
“The banking and sovereign debt problems in Europe have also added to uncertainty and volatility in financial markets over recent months.”
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