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The RBA today accompanied its cash rate announcement with a brief statement explaining the reasoning behind its decision to leave interest rates unchanged.
Historically the Bank only makes statements in relation to a rate movement.
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The decision to release an announcement today is part of a new communication arrangement that will see the RBA release a statement about its decision every month – regardless of whether rates have changed or not.
The RBA board also announced that as of February 2008 all decisions relating to interest rates will be announced at 2.30pm the day of the Bank’s board meeting, rather than the following morning.
Minutes of monetary policy meetings will now also be available two weeks after each month’s meeting.
