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The RBA today left the official cash rate unchanged at 3 per cent, choosing to wait and observe the unfolding of policies already in place.
“Monetary policy has been eased significantly. Market and mortgage rates are at very low levels by historical standards and business loan rates are below average, reducing debt-servicing burdens considerably,” commented RBA governor Glenn Stevens on the decision.
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“Much of the effect of these changes is yet to be observed. The stance of monetary policy, together with the substantial fiscal initiatives, will provide significant support to domestic demand over the period ahead.”
Looking forward Mr Stevens said the bank would monitor how economic and financial conditions unfold, and how they impinged on prospects for a sustainable recovery in economic activity, in assessing whether any further reductions would be required.
