Australia’s central bank said the labor market remained subdued but had stabilized somewhat this year, adding it had based its assessment on a range of data given the volatility in the official labor force survey.
In minutes of its Oct 7 policy meeting, the Reserve Bank of Australia (RBA) also reiterated that the most prudent course was to maintain a period of stability in interest rates.
“Given the information available, the Board’s judgement was that the current stance of monetary policy continued to be appropriate for fostering sustainable growth in demand and inflation outcomes consistent with the target over the period ahead,” the minutes said.
The RBA this month left its cash rate unchanged at a record low 2.5 percent, where it has been since August last year.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.