The industry may see interest rates on hold for some time if the Reserve Bank’s August meeting minutes are anything to go by.
The Reserve Bank Board left the official cash rate on hold at 4.5 per cent this month with the release of the meeting minutes yesterday revealing the board’s comfort with the existing stance of monetary policy.
Interest rates on loans to households and businesses had returned to around average levels in May and developments over June and July had not materially changed the board’s assessment, the RBA minutes said.
Conditions in the international economy remained uncertain, the Board added, even more than earlier in the year.
“In the subsequent two months [from May] with economic growth close to trend and inflation expected to decline to the target range later in the year, the board had felt comfortable with the existing level of interest rates, particularly in an environment where there was a significant degree of market volatility,” the minutes read.
“The board therefore judged the existing level of the cash rate as still appropriate and decided to leave it unchanged for the time being, pending further information.”
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