RBA leaves rates unchanged as expected

The Reserve Bank of Australia (RBA) left interest rates unchanged Wednesday as the shaky global outlook overshadowed a reactively strong domestic economy. After its final meeting for 2002 the RBA left the cash rate at 4.75 per cent.

"I think the Reserve Bank had given a number of fairly clear signals that monetary policy was going to be on hold for the rest of this year and for some way into 2003," ANZ Banking Group chief economist Saul Eslake told AAP.

Much has changed in the domestic and glob