STORY: Australia's interest rate unchanged at 4.1 pct for 3rd month
DATELINE: Sept. 6, 2023
LENGTH: 00:00:59
LOCATION: SYDNEY, Australia
CATEGORY: ECONOMY

SHOTLIST:
1. various of Reserve Bank of Australia (RBA)
2. various of estate industry of Australia

STORYLINE:

The Reserve Bank of Australia (RBA) decided on Tuesday to leave the cash rate target unchanged at 4.1 percent, with the interest rate paid on Exchange Settlement balances staying at 4.00 percent.

This marked the third straight month that RBA put the interest rate on hold from July.

Wrapping up a monetary policy meeting, RBA Governor Philip Lowe noted in a statement that interest rates have been increased by 4 percentage points since May last year.

"The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so. In light of this and the uncertainty surrounding the economic outlook, the Board again decided to hold interest rates steady this month," said Lowe.

The governor believed that the decision would provide further time to assess the impact of the increase in interest rates to date and the economic outlook.

Xinhua News Agency correspondents reporting from Sydney, Australia.
(XHTV)