At its meeting today, the Board decided to leave the cash rate unchanged at 2.75 per cent. Information becoming available since the previous meeting is consistent with global growth running a bit below average this year, with reasonable prospects of a pick-up next year. Commodity prices have declined from their peaks but, overall, remain at high levels by historical standards. Inflation has generally moderated over recent months and monetary policy has been eased further in a number of countries. Financial conditions internationally are very accommodative. Despite the recent rise in sovereign bond yields, funding ... (full story)