The Reserve Bank left the cash rate on hold at 3.00 per cent at its February board meeting. Source: AAP
THE Reserve Bank of Australia (RBA) has kept the cash rate at three per cent, saying that fears about global economic growth have abated.
The decision was widely expected by the market, especially after the release of better economic data from China and the US in recent weeks.
The previous interest rate move was a quarter of a percentage point reduction in December. In 2012 the central bank cut the cash rate by total of 1.25 percentage points.
In a statement accompanying the decision, RBA governor Glenn Stevens said the fiscal cliff in the US has been avoided, Chinese growth had improved and the financial pressures in Europe have eased.
"Sentiment in financial markets has continued to improve, with risk spreads narrowing and funding conditions for financial institutions becoming more favourable," Mr Stevens said after the RBA's first board meeting for the year.
"In Australia, most indicators available for this meeting suggest that growth was close to trend in 2012, led by very large increases in capital spending in the resources sector, while some other sectors experienced weaker conditions.
"Looking ahead, the peak in resource investment is approaching. As it does, there will be more scope for some other areas of demand to strengthen."
Mr Stevens said the full impact of the four interest rate cuts in 2012 would take more time to become apparent.
"There are early indications of a pick-up in dwelling construction; and savers are starting to shift portfolios towards assets offering higher expected returns," he said.
"On the other hand, the exchange rate remains higher than might have been expected, given the observed decline in export prices, and the demand for credit is low, as some households and firms continue to seek lower debt levels."
Three per cent is the lowest the RBA's cash rate has been since early October 2009, during the global financial crisis.
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