SYDNEY: Australia’s central bank left interest rates at a record low of 1.50 percent Tuesday while striking an upbeat tone on the economy following a rebound in growth at the end of last year. The Reserve Bank of Australia slashed rates 300 basis points between November 2011 and August last year to support non-resources industries as the economy transitions out of a mining investment boom. The decision to stay on hold was widely expected by economists, and the Australian dollar was largely unchanged at 76.02 US cents after the statement. Lowe noted the economy was “continuing its transition following the end of the mining investment boom”. Consumption growth was stronger towards the end of the year, although growth in household income remains low.

Source: Manila Times March 07, 2017 17:28 UTC