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September 22, 2017

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Australian interest rates on hold at record low point of 2.5 percent

SYDNEY--Australia's central bank Tuesday held interest rates at a record low of 2.5 percent, marking a year since it last loosened monetary policy as it seeks to boost non-mining growth.

The Reserve Bank of Australia flagged "a period of stability" in the cash rate as it cautioned that economic growth would likely be "a little below trend" in the year ahead.

In a statement it also said investment spending in the resources sector was starting to decline "significantly" and noted the strength in the local currency.

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