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Australia Keeps Rates on Hold

Australia Keeps Rates on HoldAustralia Keeps Rates on Hold

Australia’s central bank held interest rates at a record low Tuesday as the economy endures a soft patch while wage growth stutters, shunning indications of a move to tighter monetary policy elsewhere, AFP reported. The Reserve Bank of Australia has sat on the sidelines since August, having cut borrowing costs 300 basis points since November 2011 to support the economy as an unprecedented mining investment boom ends. “The board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time,” RBA governor Philip Lowe said in a statement.

 

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