RTTNews - Tuesday, the Reserve Bank of Australia left its interest rate unchanged for the fifth straight month. As expected, the Board retained the cash rate at 3%, the lowest level in 49 years.
RBA Governor, Glenn Stevens said, The Board's judgment is that the present accommodative setting of monetary policy remains appropriate for the time being. He added that the Board will continue to adjust monetary policy so as to foster sustainable growth in economic activity and inflation consistent with the target.
He noted that economic conditions in Australia was stronger than expected. Higher dwelling activity and public demand will also begin to give support to spending soon. Hence, growth is likely to firm going into 2010, said Stevens.
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