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No one was in the least surprised when the RBA left the Cash Rate unchanged at 2.5% (again) at today’s Board meeting. The wording of the Media Release (available here) also gave no hints as to any change in the current “steady as she goes” stance.
As has become usual, Governor Stevens had a gentle prod at the strong Aussie saying “The exchange rate remains high by historical standards, particularly given the declines in key commodity prices, and hence is offering less assistance than it might in achieving balanced growth in the economy”, although the initial reaction of the market was to take the A$ slightly higher anyway; up about a quarter of a US cent.
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