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The Reserve Bank of Australia (RBA) released its interest rate decision today. The RBA kept its interest rate unchanged at 2.50%. This decision was expected by analysts. Australia's central bank released almost the same statement accompanying the RBA's decision as its statement in July.
The RBA governor Glenn Stevens said that the RBA will keep its interest rate unchanged in the face of forecasts of below trend economic growth.
Australia's central bank expects that inflation will be within the 2-3 per cent over the next two years.
The board of the RBA added that "monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates."
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