RBA leaves cash rate at 4.75 per cent

The board of the Reserve Bank of Australia (RBA) has announced that the cash rate will remain at 4.75 per cent following a slowing in the pace of economic growth during the June quarter.

Its decision to maintain the status quo marks the ninth consecutive month in which interest rates have remained at this level.

A statement released by the governor of the central bank Glenn Stevens said the decision was "prudent" following the "acute sense of uncertainty in global financial markets over recent weeks".

He asserted that it is not yet clear whether the slower pace of growth observed over the last quarter will continue.

The decision not to raise interest rates is likely to be welcomed by the premier of New South Wales Barry O'Farrell, who recently spoke out against a hike.

He said many householders in the country are already struggling to cope with the pressures of higher living costs.

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