This article was last updated on April 16, 2022
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Australia’s cash rate will remain at 4.75 per cent for the 12th consecutive month, declares RBA – Reserve Bank of Australia. The governor of the bank, Glenn Stevens announced that “the path for inflation” is perhaps more aligned with the target of between 2% to 3% for 2012 and 2013.
He said: “An improved inflation outlook would increase the scope for monetary policy to provide some support to demand, should that prove necessary.”
Moreover, RBA says that financial conditions in the country have started to improve since the interest rates for housing and other loans have plunged to some extent. This was attributed to a boost in competition and the falling cost of funding in a number of financial markets.
The RBA observed that global economy is still disturbed and that there are still mounting levels of uncertainty surrounding Europe’s sovereign debt issues.
According to CommSec chief economist Craig James, “There clearly has been a change of thinking at the Reserve Bank. (This month) the Reserve Bank appears more worried about the global situation and less worried about the domestic inflation situation.”
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