All bets off as Reserve Bank keeps rates on hold

Tuesday 01 November 2011

Article by Mozo

As history has proved time and time again, there is no safe bet on Melbourne Cup day. Today, the reserve bank stunned the nation's punters, economists, and banks alike at 2.30pm when it announced the official cash rate would be kept on hold at 4.75% for another month.

This is the longest period without a change in the last 5 years and the first time the reserve bank hasn't moved on a Melbourne Cup day since 2005.

In his statement, Governor Glenn Stevens referred to...

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