Australia's central bank left interest rates at record lows on Tuesday as i...
SYDNEY - Australia’s central bank left interest rates at record lows on Tuesday as it waits for the three cuts already delivered to gain traction in a sluggish economy, though markets are wagering more easing will ultimately be needed.
“The Board is prepared to ease monetary policy further if needed to support sustainable growth in the economy,” said RBA Governor Philip Lowe in a brief statement. The decision comes a day before government data is expected to show the economy expanded by 0.5% in the September quarter, the third straight quarter of middling outcomes.
Yet they have had far less luck in reviving consumers struggling with stagnant wage growth and sky-high debts. A weekly survey from ANZ showed confidence near four-year lows with the rate cuts themselves blamed for spooking consumers.
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