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RBA leave Cash Rate Unchanged

Posted by Tamara McDowell on July 8, 2010

The RBA decided to leave the official cash rate unchanged this month at 4.5 per cent, citing volatile financial markets caused by problems in Europe as the main reason.

It’s the second month in a row the RBA has kept rates on hold. Governor Glenn Stevens hinted that the next rate movement may not be for a few months to come.

“The current setting of monetary policy is resulting in interest rates to borrowers around their average levels of the past decade. Pending further information about international and local conditions for demand and prices, the Board views this setting of monetary policy as appropriate,” he said.

The full statement can be viewed here.

The decision by the RBA to keep official rates at 4.5 per cent is welcome news for mortgage holders.

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