Australia’s central bank left interest rates on hold and forecast “stability” in rates ahead, as the cooling of a decadelong mining-investment boom crimps the economy.
The reserve bank kept the benchmark cash-rate target at a record-low 2.5% at its latest policy meeting on Tuesday.
“In Australia, recent data indicate somewhat firmer growth around the turn of the year, but this resulted mainly from very strong increases in resource exports as new capacity came on stream,” Gov. Glenn Stevens said in a statement accompanying the decision.
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