Reserve Bank of Australia keeps key rate at record low 2% pending data

Tue, 02 Jun 2015

By Jonathan Underhill June 2 (BusinessDesk) - The Reserve Bank of Australia kept the cash rate at a record low 2 percent, saying it was appropriate to leave policy unchanged while it assesses the impact of policy on sustainable economic growth. Governor Glenn Stevens said that in the face of economic growth below its long-term average, weakness in business capital spending in mining and other sectors, subdued public spending, spare capacity in the economy and slow growth in labour costs "monetary policy needs to be accommodative." "H...

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