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04.10.2016 06:19

RBA holds rates at +1.50%. AUD unchanged

According to rttnews, Australia maintained its record-low interest rate as policymakers await to see the impact of previous reductions.

The board of the Reserve Bank of Australia led by new governor Philip Lowe decided to keep the benchmark rate unchanged at a record low of 1.50 percent.

The outcome of the meeting came in line with expectations. The bank had reduced the rate by 25-basis points each in August and May.

"Taking account of the available information, and having eased monetary policy at its May and August meetings, the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the bank said.

Since the move in August the only real candidate for another move was going to be November when fresh information on inflation would be available and the Bank would have the opportunity to justify any move with its revised forecasts, Bill Evans, chief economist at Westpac Institutional Bank, said.

The economist see no significant change in the outlook for inflation. Consequently, Evans said prospects for a rate cut at the November Board meeting is remote.

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