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Interest Rate Announcement for April 2016

By Rebecca Zhang

THE Reserve Bank of Australia has left the official interest rate unchanged at two per cent for the 11th month in a row.

The RBA has shrugged off concerns about a stubbornly high Australian dollar to leave rates on hold.

The lack of movement was widely expected by economists and the wider market.

Australian National University academic Timo Henckel said: “The recent consensus in monetary policy, given the absence of major news about the Australian and overseas economies to inform policy makers, appears to be just that.” Dr Henckel said the outlook for the local economy is about the same as last month.

Real estate chain LJ Hooker’s chief executive Grand Harrod said the RBA’s decision was unsurprising but doesn’t rule out a cut mid to late this year.

The last time the RBA made any changes was in May 2015 when it cut the rate by 25 basis points to a historic low of two per cent off the back of a then-weak business investment outlook, falling commodity prices and a too-high Australian dollar.

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