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July 8, 2009

Australia keeps rates at 3%

by Richard Kilner

Story link: Australia keeps rates at 3%

The Board of the Reserve Bank of Australia has chosen to retain interest rates at 3%.

In a statement Governor Glenn Stevens has expressed the Bank’s view that the downside risks to the Australian economy have weakened in recent months with the global financial sector beginning to build up from its nadir.

The robust nature of China’s economy and its recovery is having a knock on effect with other regional economies, including Australia.

The Governor went on to say that the US may be approaching a turning point, but warned that Europe’s decline is continuing.

Australia’s economy is not as weak as had been forecast, but nevertheless remains under pressure.

Australia’s interest rates have been at 3% since a cut made in April, and are significantly lower than in the recent past, as are rates in the US, the eurozone and the UK.


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