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Australia interest rate stays 2%

05 February 2016 by News Desk

finance_calculator1Interest rates in Australia will remain unchanged at 2.0%, the Reserve Bank of Australia ruled this week.

The R.B.A. said that non-mining parts of the economy strengthened during 2015; business conditions have improved; unemployment has fallen and lending to business has increased.

“Surveys of business conditions have risen to above average levels; employment growth has picked up and the unemployment rate declined in the second half of the year. The level of lending to businesses has also increased,” the R.B.A. said in a statement.

“Inflation continues to be quite low, rising by 1.7 per cent over 2015 and consumer price inflation is likely to remain low over the next year or two.

“Low interest rates are supporting demand, while regulatory measures are working to emphasise prudent lending standards and so to contain risks in the housing market.

“Credit growth to households continues at a moderate pace. The pace of growth in dwelling prices has moderated in Melbourne and Sydney over recent months and has remained mostly subdued in other cities.

“The R.B.A. Board judged that there were reasonable prospects for continued growth in the economy, with inflation close to target.”

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