RBA holds cash rate pat at 1.5%
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Australia’s central bank held interest rates steady at 1.5 per cent in its first meeting since data showed the country’s economy grew in the fourth quarter, avoiding a recession.
The Reserve Bank of Australia noted an improvement in the global economy in recent months, which had helped lift commodity prices creating a “significant boost to Australia’s national income”.
Figures published last week showed Australia’s economy returned to growth in the fourth quarter after a surprise contraction in the third, meaning the country avoided its first recession in 25 years.
The Australian dollar is up 0.3 per cent at $0.7601 after rising as much as 0.6 per cent following the RBA’s announcement.
Comments