Australia’s central bank again left the door open to further interest rate cuts but signaled no urgency to act because there was a substantial amount of policy stimulus already in place.
In minutes of its Oct. 1 meeting, the Reserve Bank of Australia (RBA) also said it was hard to judge the effects of a recent appreciation in the local dollar, partly because it was uncertain whether this would be sustained.
“Given the substantial degree of policy stimulus that had been imparted, it would be prudent to leave the cash rate at the existing low level while continuing to gauge the effects,” the minutes released on Tuesday said.
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