Interest Rates Unchanged For June

The Reserve Bank of Australia (RBA) has left interest rates unchanged at 3%.

The RBA cited a stabilising of the world and Australian economy was the main reason for keeping rates on hold for the second straight month.  Australian rates have more room to move downward if there is a relapse in the local and global economy.

Some economists still believe that the official cash rate will be at 2.5% by the end of 2009. We will have to see how global economic conditions fair for the remainder of the year.

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