The Reserve Bank maintains record-low cash rateMarch 9, 2018
The Reserve Bank of Australia has maintained its record-low 1.5 per cent cash rate for the 17th consecutive quarter. The rate has now been on hold since September 2016.
Reserve Bank officials say the rate will stay where it is until the economy can better grip the impact.
The decision is largely based on poor wage growth and inflation, and Governor Phillip Lowe says there will be no rush to lift the cash rate.
This is the longest timeframe of unchanged interest rates Australia has witnessed since 1995-96.
The cash rate is an important financial benchmark in the Australian financial markets, and homeowners have been warned by experts to prepare for a hike in the future.