The RBA has kept the official interest rate on hold at its historic low of 1.0%.
This comes after the RBA cut interest rates in June and July this year. Before that, the cash rate had sat at 1.5% for the better almost 3 years.
RBA governor Philip Lowe said “Economic growth in Australia over the first half of this year has been lower than earlier expected, with household consumption weighed down by a protracted period of low income growth and declining housing prices and turnover,”
“The main domestic uncertainty continues to be the outlook for consumption, although a pick-up in growth in household disposable income and a stabilisation of the housing market are expected to support spending.”
This implies that growth in the Australian economy is continuing to disappoint.
The next RBA announcement will be on Tuesday 1 October 2019.
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By Wendy Chamberlain
Copyright 2019 | All Rights Reserved
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