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RBA left interest rates unchanged

Tuesday, Nov 07 2017
RBA left interest rates unchanged

The Reserve Bank of Australia on Tuesday held its benchmark cash rate at 1.50% as expected, signaling it is watching the housing market closely and that a higher Australian dollar is restraining price pressures. RBA governor Philip Lowe said the board expects the current low rate of inflation to gradually lift as economic growth improves. 'Inflation remains low, with both CPI and underlying inflation running a little below two per cent,' he said in a statement on Tuesday. 'In underlying terms, inflation is likely to remain low for some time, reflecting the slow growth in labour costs and increased competitive pressures, especially in retailing.'

Dr Lowe said higher electricity and tobacco prices were boosting inflation. He noted that Sydney house prices have eased, but said it was a different story elsewhere. 'In most cities, housing prices have shown little change over recent months, although they are still increasing in Melbourne,' Dr Lowe said. The RBA governor also said said the outlook for household consumption remains uncertain. 'Household incomes are growing slowly and debt levels are high,' he said.

More in this category: « Eurozone PPI up by 0.6% House prices rising at fastest rate since start of year, says Halifax »

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