The Reserve Bank of Australia has kept the cash rate at a record low 1.5 per cent at the first meeting chaired by new governor Philip Lowe.
“The board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time,” the RBA said in a statement accompanying the decision on Tuesday.
The decision came as no surprise to economists or financial markets, which had tipped a zero per cent chance of a rate cut this month.
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