The Reserve Bank of Australia (RBA) held interest rates steady at record low 1.5 percent on Tuesday, as expected, and appeared to signal it would remain on hold for some time.
The RBA said that it expected the economy Down Under would grow around 3 percent annually for “the next couple of years” and that inflation would pick up to above its 2 percent target over the course of this year.
“There is no longer an expectation of further monetary easing in other major economies,” the statement on Tuesday said. “The board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”
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Craig Erlam
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