The Reserve Bank of Australia (RBA) at its monetary policy meeting today, left the official cash rate (OCR) unchanged at a record low of 1.50%, as widely expected. With regard to the inflation level, the RBA added: “Inflation is low, with both CPI and underlying inflation running a little below 2 percent. Inflation is likely to remain low for some time, reflecting low growth in labor costs and strong competition in retailing".
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February RBA meeting review
Earlier today, Australia's retail sales figures showed a 0.5% decline on the month. This was a bigger than expected decline of 0.2%. However, revisions to previous month's data showed an increase of 1.3%. The RBA's monetary policy meeting was also held earlier today. The central bank kept interest rates unchanged at 1.50%.
Australian central bank left the benchmark interest rates unchanged at 1.5% in a widely expected action and showing more positive stance regarding global and domestic growth, but remains concerned about low inflation and signaled that they may stay on hold for some time.
What is the RBA?
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
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The World Interest Rates Table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.