RBA holds interest rate
The bank's board has confirmed that the cash rate of 4.75 per cent will be maintained, as many experts had predicted.
According to the RBA statement, trade terms across the country are on the rise, national income is "growing strongly" and private investment is on the rise.
Glenn Stevens, governor of the RBA, stated: "Inflation is consistent with the medium-term objective of monetary policy, having declined significantly from its peak in 2008.
"These moderate outcomes are being assisted by the high level of the exchange rate, the earlier decline in wages growth and strong competition in some key markets, which have worked to offset large rises in utilities prices."
The expert also claimed that commodity prices continue to grow and can be attributes as a driving force behind improved investment in the resources sector.
This article is brought to you by Mozo – Helping you compare interest rates