The Reserve Bank of Australia on Tuesday decided to keep its benchmark interest rate on hold, but flagged a downgrade to growth forecast for this year amid increasing downside risks to the global growth outlook, impact of falling house prices as well as uncertainty over household spending.
The board of the Reserve Bank of Australia, governed by Philip Lowe, voted to maintain the cash rate at 1.50 percent. The interest rate has remained at the current level since August 2016.
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