RBA keeps rates on hold at 0.75pc
The Reserve Bank says the "upswing in house prices", particularly in Sydney and Melbourne should support growth and increased spending by consumers.
The Reserve Bank has kept official interest rates on hold at 0.75 per cent arguing that more time is needed to see the effects on consumer spending from record low rates.
Sticking with its position that the economy has passed a "gentle turning point" the RBA board said in its statement from the final meeting for the year that lower interest rates were taking longer to flow through the economy and as such it decided to hold off making another cut.
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