Australia holds interest rates at record low

SYDNEY: – Australia’s central bank Tuesday held interest rates at the historic low of 2.0 percent, but said continued low inflation would provide scope for further easing to stimulate the economy.

For the ninth straight meeting, the Reserve Bank of Australia (RBA) kept its official cash rate at its lowest level in history, first reached in May 2015.

“At today’s meeting, the board judged that there were reasonable prospects for continued growth in the economy, with inflation close to target,” RBA Governor Glenn Stevens said in a statement.

“The board therefore decided that the current setting of monetary policy remained appropriate.”

Source: APP