BREAKING NEWS: Reserve Bank leaves rates unchanged at 2.5%
Tuesday, September 3, 2013/
The Reserve Bank kept the official cash rate unchanged at 2.5% at its monthly meeting this afternoon, in line with economists’ expectations.
The meeting comes just days before the federal election, in which debate over the strength of the economy has played a large part.
In a statement written by Governor Glenn Stevens, the RBA said global conditions remain “accommodative”, but noted volatility has increased and has affected emerging market economies.
“In Australia, the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment.”
Stevens also noted the interest rate cuts since 2011 have helped support some spending and asset values, and said more effects will be noted over time.
“The Australian dollar has depreciated by around 15% since early April, although it remains at a high level. It is possible that the exchange rate will depreciate further over time, which would help to foster a rebalancing of growth in the economy.”
“At today’s meeting, the Board judged that the setting of monetary policy remained appropriate.”
Be honest about your situation: How vulnerability helps businesses thrive Sue Parker DARE Group founder
Own it: The 10 things you need to do to manage your personal brand Lisa Stephenson Who Am I Projects founder
Six invaluable lessons: What 20 years in aged care taught me about being an entrepreneur Natasha Chadwick NewDirection Care founder
An entrepreneurial superpower: Eight tips to help develop resilience Adala Bolto ZADI Training co-founder
Going through a lull? Five areas you should invest in when sales drop Tamara Alaveras and Sonia Majkic 3 Phase Marketing co-founders
Stop telling us how busy you are, it's boring and charmless Ian Whitworth Scene Change co-founder
Blandification™ and the state of modern branding Jeffrey Oley The Offices co-founder
Why you should find the right role for the right person — not the other way around Bruce Stronge Outfit founder