RBA leaves rates unchanged
The Reserve Bank of Australia Tuesday left rates on hold at a record low 2.50% as it seeks to balance the pressures from an elevated local currency, falling commodity prices and a buoyant housing market.
“On present indications, the most prudent course is likely to be a period of stability in interest rates,” the central bank said in a statement accompanying the decision. It also noted “a lower exchange rate is likely to be needed to achieve balanced growth in the economy”.
It was the 16th month in a row that the RBA had held rates at 2.50%.
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Earlier in the day, data from the Australian Bureau of Statistics showed building approvals for new homes rose 11.4% in October to a total of 17,062 units, more than eliminating the prior month’s 11% fall. On the year, approvals rose 2.5%, the ABS said.
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