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RBA holds firm on rate

Staff Reporter 1 minute read

The RBA has left the official cash rate unchanged at 3 per cent for the third month running, dashing hopes of further rate cuts.

Board members from the Reserve Bank of Australia (RBA) met earlier this afternoon and decided to leave the rate at its 49 year low.

The RBA has slashed 425 basis points off the interest rate since September last year, from 7.25 per cent to 3 per cent.

“Credit conditions remain tight and the effects of economic weakness on asset quality present a challenge. There is tentative evidence that the US economy is approaching a turning point, but conditions in Europe are still weakening,” RBA’s governor monetary policy Glenn Stevens said in a statement.

RBA holds firm on rate
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