JUST IN: The Reserve Bank of Australia has held interest rates at the record low level of 0.75 percent. 9News
Australia's best economists met at the central bank's offices in Martin Place, Sydney at 2.30pm to discuss the final change to the nation's cash rate for 2019.
Thanks to high anticipated consumer spending over Christmas and the New Year, the RBA decided to make no change to interest rates, despite there being a strong case for a fourth rate cut this year.Reserve Bank Governor Philip Lowe said a number of economic factors contributed to the decision. "Given these effects of lower interest rates and the long and variable lags in the transmission of monetary policy, the Board decided to hold the cash rate steady at this meeting while it continues to monitor developments, including in the labour market," said Mr Lowe.
"The Board also agreed that due to both global and domestic factors, it was reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target."
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