RBA Interest Rate Announcement August 2015

The RBA decided to leave interest rates unchanged at their August 2015 announcement. It was a relatively long statement from the RBA today unlike the last few.

Here is the summary of what the RBA said:

  1. The global economy is moving at a moderate pace.
  2. Global financial conditions are very accommodative.
  3. Australian  economic growth is below long-term average.
  4. Labour cost growth remain low leading to inflation to stay within the target range.
  5. Low interest costs are supporting borrowing and spending.
  6. RBA working with other regulators to contain risks in the housing market.
  7. Australian dollar is still high and likely to devalue given lower commodity prices.

More details at http://www.rba.gov.au/media-releases/2015/mr-15-13.html