Australia Central Bank Held Cash Rate Unchanged
Australia's central bank kept its benchmark rate unchanged at 15th meeting at 1.5%. The Reserve Bank of Australia has maintained cash rate at that historic low level of 1.5% since August 2016.
The central bank said Australia's "inflation remains low, with both CPI and underlying inflation running a little below 2%". The bank's forecast remains for inflation to pick up gradually as the economy strengthens, RBA said, adding recent data suggest that the Australian economy grew at around its trend rate over the year to the September quarter.
The central forecast the GDP growth will average around 3% over the next few years.
Business conditions are positive and capacity utilisation has increased. The outlook for non-mining business investment has improved further, with the forward-looking indicators being more positive than they have been for some time.
-- APMR News