Official cash rate left unchanged for 23rd consecutive month
Taiwan News
Date: 2018/07/03
By: Scott Morgan, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – The Reserve Bank of Australia (RBA) kept the official interest rate
RBA building in Sydney. (Flickr user: Newtown Graffiti )
unchanged at the historic low of 1.5 percent today, on the back of high household debt and relatively low consumer spending.
The decision to leave official interest rate at 1.5 percent was strongly expected by economists and analysts, as reflected by the Australian dollar being unaffected by the news.
This was the 23rd consecutive month where the official cash rate was left unchanged.
Australia currently has strong business investment and infrastructure spending, however relatively weak consumer spending, high household debt and slower than expected wage growth which dampened thoughts about raising interest rates. [FULL STORY]