Analysts at UOB Group noted that on Tuesday (5 Dec), the Reserve Bank of Australia (RBA) held its official cash rate (OCR) steady at a record low of 1.5% at its final interest rate decision for 2017 – giving mortgage holders an early Christmas present.
"The Dec decision marks the 16th consecutive month that the OCR has been left at this historically low setting. The last time we saw this prolonged period of interest rate stability was back in 2013/14 when the cash rate was left on hold for 17 consecutive months.
The concluding paragraph of the latest RBA’s accompanying statement was exactly the same in November, with the RBA stating that “The low level of interest rates is continuing to support the Australian economy.
Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time”."
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