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RBA Interest Rate Decision – October 2016

Interest Rate Decision: the RBA Board decided to leave the cash rate unchanged today at 1.50 per cent. 

Here is part of the statement issued by Phillip LoweInterest Rate, Governor: Monetary Policy Decision.

Financial markets have continued to function effectively. Funding costs for high-quality borrowers remain low and, globally, monetary policy remains remarkably accommodative. Government bond yields are near their historical lows.

Low interest rates have been supporting domestic demand and the lower exchange rate since 2013 has been helping the traded sector. Financial institutions are in a position to lend for worthwhile purposes. These factors are all assisting the economy to make the necessary economic adjustments, though an appreciating exchange rate could complicate this.

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.

You can find the RBA’s full statement here.

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