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The Reserve Bank has held its fire on interest rates, leaving the official cash rate unchanged at 3 per cent. The decision was in line with the predictions of most economists, who had suggested the central bank would wait to gauge the effects of government spending. Economist had also cited next Tuesday’s Federal Budget as a major factor in leaving borrowing rates unchanged. Rates have fallen by 4.25 percentage points since September last year and remain at a 49-year low. Last month, rates were cut by 0.25 percentage points. Three of the four big banks passed on a fraction of the reduction, while the NAB did not make any change to its rates. |
RBA leaves rates unchanged