Australia’s cash rate has been left on hold at the record low level of 0.10 per cent.
The Reserve Bank of Australia met on Tuesday and decided to keep official interest rates on hold for the eight consecutive month.
The central bank slashed the cash rate to 0.10 per cent in November in a bid to support the Australian economy’s recovery from the pandemic.
RBA governor Philip Lowe said on Tuesday Australia’s economic recovery was stronger earlier than expected and the growth was forecast to continue.
However, even though there had been a strong recovery in the jobs market, inflation and wage outcomes remained subdued, he added.