RBA leaves cash rate unchanged at 4.75%
As a measure of the interest rate for overnight money market deposits, as widely expected, the Reserve Bank of Australia left the cash rate unchanged in September at 4.75% for an eighth consecutive month. This decision was in line with market expectations.In a short statement released at lunchtime today, the RBA said it was "prudent to maintain its current policy stance" in the current economic climate."Global financial markets are still very unsettled," the statement said.Adding that financial conditions are "tighter than normal", the bank has moved to curb inflation as many Australian industries outside the resources sector continue to struggle.
Year-ended CPI inflation should start to decline towards the end of the year, as temporary weather-related effects reverse. But measures of underlying inflation have been increasing this year, after declining for the previous two years,” said RBA Governor, Glenn Stevens, in the RBA Rate Statement.
No comments:
Post a Comment