The Reverse Bank of Australia has just decided in its monthly meeting to keep the official cash rate at 3%.
The RBA in its monthly meeting has decided, as predicted by most financial experts, to keep the interest rates steady for the time being.The reasons have been muted as low unemployment, and stellar rise in new jobs of over 70,000 new jobs in February, and signs that property prices and home sales are on the rise.
Many were predicting that another .5% in interest rate reductions could be used in the latter half of the year, if needed. Many now say that this may not be required as the economy is great shape.
In fact some are now suggesting that the next rate move may be up!
RBA feels its moves on lower interest rates have started to take effect.
