01 Mar '11, 7am

Australia leaves rates on hold at 4.75%

Australia leaves rates on hold at 4.75%

SYDNEY: Australia kept interest rates unchanged at 4.75 per cent on Tuesday, saying its "mildly restrictive stance" was appropriate and inflation remained under control despite catastrophic floods. Reserve Bank of Australia governor Glenn Stevens said the floods that hit eastern Australia in recent months would impact some areas of the economy, but the effects were likely to be temporary. "The effects of the natural disasters over the summer have reduced output, but production levels should recover over the months ahead," he said, adding that there could be a mild boost to demand from the rebuilding effort. "Overall, looking through these temporary effects, the bank expects that inflation over the year ahead will continue to be consistent with the 2.0-3.0 per cent target." Stevens said the global economy was continuing to expand, led by very strong growth in Asia, while Au...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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