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RBA Leaves Key Rate Unchanged As Expected

9/4/2012 12:40 AM ET

The Reserve Bank of Australia on Tuesday decided to leave its key rate unchanged as expected by economists.

At its meeting, the Board maintained the cash rate at 3.50 percent. The bank eased monetary policy in May and June, lowering the cash rate by a total of 75 basis points.

As a result of the sequence of earlier decisions, interest rates for borrowers are a little below their medium-term averages, the central bank said.

The Board today judged that, with inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the stance of monetary policy remained appropriate.

by RTT Staff Writer

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