RBA Leaves Cash Rate Unchanged Talk to us Phone us Email us Breadcrumbs UniBank About Us Member news & media 2013 RBA Leaves Cash Rate Unchanged 01 October 2013 01 October 2013 RBA leaves cash rate unchanged The Reserve Bank of Australia has today decided to leave the cash rate unchanged at 2.50% p.a. The following is an excerpt from today’s RBA Media Release. “Recent information is consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year. Commodity prices have declined from their peaks, but generally remain at high levels by historical standards. Inflation in most countries remains well contained. Overall, global financial conditions remain very accommodative. Changes in the outlook for US monetary policy have increased volatility in financial markets, but long-term interest rates remain very low and there is ample funding available for creditworthy borrowers. In Australia, the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment. The unemployment rate has edged higher. There has been an improvement in indicators of household and business sentiment recently, though it is too soon to judge how persistent this will be. Inflation has been consistent with the medium-term target. With growth in labour costs moderating, this is expected to remain the case over the next one to two years, even with the effects of the lower exchange rate. … At today’s meeting, the Board judged that the setting of monetary policy remained appropriate. The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target.” Read the full media release on the RBA website.
