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Australia Leaves Key Rate Unchanged

Australia's central bank maintained its key interest rate, on Tuesday, after cutting the rate by a quarter point in October.

The board of the Reserve Bank of Australia, governed by Philip Lowe, decided to leave the cash rate unchanged at a record 0.75 percent.

The central bank had reduced its key interest rates three times this year.

Policymakers said the easing of monetary policy since June is supporting employment and income growth and a return of inflation to the medium-term target range.

The bank reiterated that it is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time.

Further, the bank said it is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target.

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