The RBA left interest rates unchanged today at 7.25 per cent as opposing forces once again left considerable uncertainty around the outlook for demand and inflation.
Glenn Stevens, the RBA’s monetary policy governor, said tightened financial conditions had helped to produce some moderation in demand, but that Australia’s strong terms of were working in the opposite direction, which substantially added to the nation’s spending power.
Given the degree of uncertainty currently faced by the economy the RBA board concluded that the current stance of monetary policy remained appropriate “for the time being”.
“Should demand not slow as expected, or should expectations of high ongoing inflation begin to affect wage and price setting, that outlook would need to be reviewed,” Mr Stevens said.
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