Stability Reigns as Rate Kept on Hold

Sunshine Coast Daily (Maroochydore, Australia), April 5, 2014 | Go to article overview

Stability Reigns as Rate Kept on Hold


THE Reserve Bank of Australia board has left the official cash rate at 2.50% for the eighth-straight month.

CommSec economist Craig James said the RBA board had continued to emphasise that it saw a period of interest rate stability ahead.

"On present indications, the most prudent course is likely to be a period of stability in interest rates.

"The stance of monetary policy is neutral: that is, the RBA believes there is no convincing case to be made for moving interest rates in either direction. The bank is relaxed and comfortable.

"In terms of the Aussie dollar, the decline in the exchange rate from its highs a year ago will assist in achieving balanced growth in the economy, but less so than previously as a result of the rise over the past few months.

"The exchange rate remains high by historical standards."

Mr James said it has been a long held view of reserve bank officials that interest rates shouldn't dominate the headlines.

"In other words, people should be able to get on with their lives rather than constantly worrying whether interest-rate settings were about to change.

"Indeed the reserve bank has its wish - interest rates are certainly not upper-most in most people's minds. …

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