Reserve Bank of Australia keeps interest rate unchanged at 1.5%

The Reserve Bank of Australia’s Board of Directors decided for the 26th consecutive time to keep the cash benchmark interest rate unchanged at the historical low of 1.5%. The last change in interest rates was in August 2016, when the central bank cut interest rates by 25 points. Since then, although the unemployment rate has declined and economic growth has been strong, RBA still feels that there is no need to raise interest rates. Australian Bureau of Statistics official data show that the Australian inflation rate in the past year was only 1.9%, lower than the central bank’s target range of 2-3%.

resource from:https://www.afr.com/news/economy/monetary-policy/reserve-bank-of-australia-keeps-cash-rate-on-hold-at-15pc-20181106-h17jxi