The Reserve Bank of Australia held rates at a record low 1.50 percent as expected on Tuesday and signaled economic conditions were in line with its inflation and growth targets.
In an assessment of the global economy, central bank governor Philip Lowe said in a statement that conditions have improved over last few months, with business and consumer confidence picking up. Advanced economies are also expected to see above-trend growth.
In addition, higher commodity prices have boosted Australia’s national income, he added.
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