RBA justifies third-straight rate hold

Australia's monetary-policy makers concluded that, on current policy settings, the necessary moderation in demand growth was likely to occur and so left interest rates unchanged at 7.25% for the third meeting in a row.
Australia's monetary-policy makers concluded that, on current policy settings, the necessary moderation in demand growth was likely to occur and so left interest rates unchanged at 7.25% for the third meeting in a row.

"In reaching their decision, board members noted that the bulk of indicators becoming available over the past month continued to suggest moderation in the growth of domestic demand. These included flat retail sales, declining household and commercial loan approvals, lower growth in housing and business credit, and subdued business and consumer confidence. Asset markets were also less buoyant than previously. Labour market conditions, on the other hand, had remained strong to date. This could be explained by lags, in which case a moderation in employment growth could be expected soon," said the Reserve Bank's rate-setting board.

Click here to read the minutes

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