The Reserve Bank of Australia has left the official cash rate unchanged at 2% for the month of March.
The official cash rate was last cut in May 2015 by 25 basis points.
The RBA has kept the rate on hold now for for 10 consecutive months.
RBA governor Glenn Stevens said in a statement this afternoon leaving the cash rate on hold was the best course of action as inflation is “quite low” at the moment.
“At today’s meeting, the board judged that there were reasonable prospects for continued growth in the economy, with inflation close to target,” Stevens said.
“The board therefore decided that the current setting of monetary policy remained appropriate.”
ABOUT THE AUTHOR
Broede Carmody is a former senior SmartCompany reporter. Before this, he was a co-editor of RMIT University's student magazine Catalyst.
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