Edited by Nelly T.
For the 11th time in a row the Reserve Bank of Australia (RBA) has left it’s interest rate unchanged at two percent.
Apprehensions about leaving the persistently high Australian dollar rates on hold were shrugged off by the RBA who appear unconcerned.
The wider market and economists seemed to expect the lack of movement.
“The recent consensus in monetary policy, given the absence of major news about the Australian and overseas economies to inform policy makers, appears to be just that.” Australian National University academic Timo Henckel said. He continued to say the stance for the local economy is likely to be a repeat of last month.
Grand Harrod chief executive of the real estate chain LJ Hooker said the RBA’s decision was unsurprising but still remains optimistic for a cut mid to late this year.
May 2015 was the last time the RBA made changes when it cut the rate by 25 basis points to a remarkable low of 2 per cent off the back of a then-weak business investment outlook, falling commodity prices and a too-high Australian dollar.