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RBA Retains Rate, QE As Expected

Australia's central bank left its record low interest rate and quantitative easing unchanged on Tuesday.

The board of Reserve Bank of Australia, governed by Philip Lowe, decided to maintain cash rate and the targeted yield on three-year government bonds of 25 basis points.

It is likely that fiscal and monetary stimulus will be required for some time given the outlook for the economy and the labour market, Lowe said in a statement.

The bank vowed to maintain accommodative approach as long as it is required.

The Board will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2-3 per cent target band, Lowe said.

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