RBA keeps rates at 4.75 per cent

The Reserve Bank of Australia (RBA) has announced that the cash rate of 4.75 per cent – which was set in November 2010 – will not be changed this month.

According to the board of the financial institution, national income in the country is growing strongly and there are signs that employment levels are likely to continue to increase in the coming months.

It noted that the unemployment rate has remained relatively unchanged at five per cent and that while there are indicators that there will be an improvement, the rate is likely to be slower than in 2010.

The RBA asserted that the "mildly restrictive stance of monetary policy remained appropriate", but said it would continue to assess the "evolving outlook for growth and inflation.

In the last five years, the cash rate peaked at 7.25 per cent in 2008, before dropping to three per cent in 2009 and then rising steadily to the current level.

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