Reserve Bank keeping interest rates where they are

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Low interest rates are likely to continue for a while yet as the Reserve Bank waits to see how Australia’s current economic challenges play out. In the minutes of its board meeting earlier this month, the RBA said it was appropriate to keep the cash rate on hold at 2.5 per cent – where it has been for a year now, given uncertainty about Australia’s economic outlook. With other things weighing on consumers minds e.g. unemployment and a tough Federal budget, keeping interest rates stable (and low) will be vital to maintaining growth in the economy. The last thing the economy needs at the moment is the added pressure of uncertainty on rates so expect to hear more calm, soothing noises from the RBA for a while yet.

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