The Reserve Bank of Australia has once again decided to leave the official cash rate on hold at its December monetary policy meeting, an outcome widely expected by economists and markets.

This is the 16th month in a row since August 2016 that the cash rate has remained steady at 1.50%. Being the last rate update for the year, the RBA will next meet in February 2018.

The RBA retained a neutral policy bias with comments from the shadow board stating there has not been any significant news from the global economy to revise the overall outlook. They also believed that the RNA would not raise the cash rate anytime soon.

A statement released from the RBA today said “The low level of interest rates is continuing to support the Australian economy. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”

Please click here to continue reading the full statement from the RBA.

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