Australia's central bank keeping rates on hold at record low mark
December 4, 2013, 12:04 am TWN
SYDNEY--Australia's central bank held interest rates at their record 2.50-percent low Tuesday, saying the effects of earlier cuts had still to be fully felt.
The Reserve Bank of Australia (RBA) kept rates on pause for a fourth consecutive month, as widely expected, after a series of cuts designed to stimulate the economy as its decade-long Asia mining boom cools.
Governor Glenn Stevens said the board judged “that the setting of monetary policy remained appropriate.”
“The easing in monetary policy that has already occurred since late 2011 has supported interest-sensitive spending and asset values,” he said. “The full effects of these decisions are still coming through, and will be for a while yet.”