Australia’s interest rate to remain at 1.5 pct

Sydney

Australia’s interest rate will remain on hold at 1.5 percent for the 23rd consecutive month, with the country’s central bank citing high debt levels and an easing of housing markets for the decision, following a meeting on Tuesday. Governor of the Reserve Bank of Australia, Phillip Lowe said that “global economic expansion is continuing,” with a number of advanced economies, including China, growing at an “above-trend rate.” “The recent data on the Australian economy continue to be consistent with the Bank’s central forecast for GDP growth to average a bit above 3 percent in 2018 and 2019,” said Lowe.—APP

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