Adelaide, South Australia – At the historic low of 2 percent,the Reserve Bank of Australia has left cash interest rates on hold. But, they have kept the door open for a rate cut.

In the recent months, the outlook for the non-mining business sector has been gradually showing signs of improvement, particularly tourism (low AUD), education and the housing market. At this month’s meeting of the board of the

Reserve Bank, it was decided to leave the cash rate on hold at the historic low rate of 2.0% where it has been since May 2015. Inflation continues to be under control and further cuts to the cash rate are a possibility over the next 12

months.

A statement from the board said that “The board has judged that leaving the cash rate unchanged was appropriate at this meeting.”

The cash rate has persisted at 2.0% for six months now. Most economists are forecasting no change over the next 6 months, although many economists were split over whether there would be a change in November, a popular

month for rate changes. Alter interest rates in November, as it is considered as a popular month for rate movement.

In the past three months, the Australian dollar has fallen by six percent. This has supported local economic production and economic indicators such as job growth and business confidence are stable.

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