The cash rate could stay on hold for the foreseeable future, according to RBA governor Glenn Stevens.
Speaking about the cash rate to a parliamentary committee today, Mr Stevens said for the period in the near term, “I think this is about the right level”.
But before home borrowers rush to celebrate the latest news, Mr Stevens warned that inflation risks over the medium term were still on the high side, suggesting it was not finished tightening policy.
Mr Stevens said the central bank expected the economy to grow by a little more than 3 per cent in 2010, then accelerating to 3.5 per cent in 2011 and 2012.
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