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The Reserve Bank of Australia (RBA) released its interest rate decision on Tuesday. The RBA kept its interest rate unchanged at 2.25%. Analysts had expected the RBA to cut its interest rate to 2.00%.
Australia's central bank cut its interest rate to 2.25% on February 03, 2015, down from 2.50%.
The RBA Governor Glenn Stevens said today that further interest rate cut is possible, "in order to foster sustainable growth in demand and inflation consistent with the target".
Stevens noted that the Australian dollar "remains above most estimates of its fundamental value", and "a lower exchange rate is likely to be needed to achieve balanced growth in the economy".
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