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RBA Holds Key Rate at Record-Low 2.75% After Currency Weakens
Australia’s central bank left its key interest rate at a record low on signs of a pickup in housing and as a slide in the currency eases pressure on exporters. Governor Glenn Stevens and his board kept the overnight cash-rate target at 2.75 percent, the Reserve Bank of Australia said in a statement today in Brisbane. The decision was predicted by 25 of 28 economists surveyed by Bloomberg News. The other three forecast a 25 basis-point reduction. Two percentage points of rate cuts since late 2011 have boosted the property market, while a 12 percent decline in the Australian dollar last quarter helped buoy ... (full story)