Australian PM says no case for rate rise

Australian Prime Minister John Howard said that there is no case for an interest rate rise. The Reserve Bank of Australia was due to hold a Board Meeting on 3 August, with most analysts expecting interest rates to remain unchanged.

Howard said that Australia was still enjoying low inflation and strong employment conditions while wage growth had not blown out unsustainably and the housing market had eased.

"When you take all of those together and when you bear in mind that we did not push our

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