RBA leaves interest rates unchanged
The Reserve Bank of Australia decided today (Tuesday, 2 June) to leave official interest rates unchanged. The official cash rate remains at 3%, the lowest rate in almost 50 years.
Its decision comes against a background of improving economic data, with a sharp improvement in the nation’s international trade deficit in April. Building appovals also improved in April, the third consecutive month with rising approvals, while retail spending remains at record levels and sales of new homes continue to increase.
Nine months ago, in September 2008, official interest rates stood at 7.25% but by April 2009 had been cut to 3%. The RBA next meets on 7 July.
