Official cash rate left unchanged by Reserve Bank

THE official cash rate has been left unchanged at 2.5% after the Reserve bank on Tuesday said "the most prudent course" was a period of stability in interest rates.

Among the factors in the RBA's decision not to change interest rates was an expected peak in unemployment figures later this year, in concert with expected stronger growth.

The historically low cash rate and lower Australian dollar, the bank said, would help foster sustained economic growth of between 2% and 3% over the next two years.

RBA Governor Glenn Stevens' statement said recent information also suggested "slightly firmer consumer demand" and a foreshadowing of a housing construction expansion.


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