» RBA Leaves Cash Rate at 4.75 Percent
The Reserve Bank of Australia left the official cash rate at 4.75 percent at the April board meeting. The RBA said that the non-movement of the cash rate is due to the strong prices of commodities and the increase in private investments. Also, RBA governor Glenn Stevens said in the board’s official statement that trade terms in Australia are at a 50-year high while the national income is steadily growing.
Due to high commodity prices, private investments are increasing especially in the resources sector and inflation is within the two to three percent target range. Market competition, better wages and the strong Australian dollar have all contributed to the cash rate non-movement. The Reserve Bank last adjusted the official cash rate in November 2010 from 4.5 percent to 4.75 percent.
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