RBA keeps cash rate on hold at 3%

The Reserve Bank kept the cash rate on hold at 3.0 per cent at its April board meeting. Source: AAP

HOME owners will continue to enjoy the benefits of low interest rates, with the Reserve Bank of Australia opting to keep the cash rate on hold in April.

The RBA held the cash rate at three per cent, equal to its lowest level on record, at its monthly board meeting on Tuesday.

It has kept the rate on hold in 2013 after cutting by 1.25 percentage points between May and December last year.

RBA governor Glenn Stevens said with economic growth expected to be a little below trend over the coming year, it was prudent not to change the cash rate.

However the central bank has room to cut if economic conditions deteriorate.

"The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand," he said in a statement accompanying the decision.

Mr Stevens said the risks to the global economy appeared to have eased in recent months while commodity prices, a key driver of the Australian economy, remained high by historical standards.

AMP Capital chief economist Shane Oliver it appeared the RBA was in "wait and see mode" on interest rates.

The RBA faced the dilemma that while lower interest rates were having some effect on the economy, the Australian dollar remained high and credit growth was weak.

"There's no indication that they're about to move next month," Mr Oliver said.

"To get further the easing, the signs of improvement that we're currently seeing would have to peter out or there'd have to be some sort of global shock and they certainly don't seem in any rush to move."

UBS economist George Tharenou said that although a further interest rate cut was possible, it was looking increasingly likely the RBA would keep the cash rate on hold for the rest of 2013.

Mr Tharenou said a recent improvement in house prices was a sign that last year's interest rate cuts were having the desired effect on the economy.

He said the RBA appeared more confident that the non-mining sectors of the economy would pick up in 2013 as the mining investment boom peaked.

"Our view is that, baring some unforeseen risk event, the RBA is going to remain on hold from here," he said.

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Search widens for missing plane in NT

THE search is widening for a light plane that's been missing for almost a day in the Northern Territory.

The Cessna 210 took off from Bullo River Station carrying an electrical contractor and his family about 2pm (CST) on Monday.

It was due to land at an airfield south of Darwin a few hours later, but did not arrive.

The electrical contractor, aged 45, who was also the pilot, is believed to have moved to the territory recently.

Local police say he was travelling with his 53-year-old wife and two children, aged 12 and 15.

Four planes and four helicopters have been searching a 1800 square kilometre area between Cape Ford and Point Jenny.

That search was expanded on Tuesday afternoon to include five planes and seven helicopters and will take in more areas, including north of Port Patterson.

Sergeant Meacham King says water police have also joined the search effort.

"Police remain hopeful of a successful outcome. However, bad weather is hampering the search," he said.

Bullo River Station, once owned by the late pastoralist, author and Telstra businesswoman of the year Sara Henderson, is now owned by daughter Marlee Ranacher and her husband Franz.

Ms Ranacher is hoping for good news.

"I've got my fingers crossed," she told AAP.

"I sincerely hope they find it, it would be a very sad end to Easter if they didn't."

The Australian Maritime Safety Authority (AMSA) said on Tuesday afternoon there were "significant concerns" for the family of four.

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Scientists make epilepsy breakthrough

AN Australian-led international research team has discovered a gene associated with the most common form of epilepsy, a discovery which will help with diagnosis and the development of treatments.

Through genetic counselling, it will help people plan a family, says lead researcher Professor Ingrid Scheffer of the University of Melbourne.

Two per cent of people have epilepsy and most do not know the cause of their condition. The research will help some of those with the most common form, focal epilepsy, discover the underlying cause.

Prof Scheffer says a gene test will help in cases where everything else in the brain looks normal.

"It will give you a cause. That has important implications in terms of genetic counselling and managing the risk to your own offspring."

A small proportion of people with the gene also have psychiatric or autism spectrum disorders, says Prof Scheffer, a senior principal research fellow at the Florey Institute of Neuroscience and Mental Health.

"Therefore genetic counselling is even more important.

"Knowing the gene means people can go forward and get pregnant and have proper medical assistance to ensure their baby does not have the disorder."

Prof Scheffer says 90 families took part in the study, which was conducted in partnership with Associate Professor Leanne Dibbens from the University of South Australia.

One of the participants, 25-year-old Vicky, is battling to digest the implications of the discovery.

"This puts the possibility of children into my thoughts for the first time," says the Melbourne administration assistant, who does not want her full name disclosed.

"This opens so many doors for people who want to have children.

"I don't know how this makes me feel. It is still a bit fresh. The possibility of children is a major U-turn for me."

Scientists in Europe and Canada also worked on the research, which is published in the April 1 issue of the journal Nature Genetics.

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China shares up 0.21% in morning trade

CHINESE shares were up 0.21 per cent in early trading, after manufacturing activity improved in March, dealers said.

The benchmark Shanghai Composite Index on Monday rose 4.69 points to 2,241.31.

China's official purchasing managers index (PMI) was 50.9 in March, higher than February's 50.1, the government and an industry group said on Monday.

Another measure of PMI by British bank HSBC rose to 51.6 in March from 50.4 in February.

Hong Kong was closed for the Easter break.

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Police employee refused bail

A NSW police employee charged with misappropriating firearms from a police armoury will remain behind bars after appearing in a Central Coast court.

Alan James Cumberland, 38, who works with firearms at the NSW police centre in Sydney, is charged with 13 firearm offences, including aggravated possession of firearms and unauthorised manufacture of firearms.

Cumberland handed himself into police on Saturday after a statewide manhunt.

It's alleged that a raid of his Berkeley Vale home on Thursday uncovered guns, parts and ammunition believed to have been misappropriated from the Surry Hills centre.

Cumberland did not apply for bail in Gosford local court on Sunday and it was formally refused.

Meanwhile, Assistant Police Commissioner Peter Dein told reporters there were "very serious" issues related to the Sydney police armoury, and an internal review was underway.

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German TV reporter wounded in Syria

German TV correspondent Joerg Armbruster has been wounded in the Syrian city of Aleppo. Source: AAP

A GERMAN television correspondent has been wounded in the northern Syrian city of Aleppo, public broadcaster ARD reports.

Joerg Armbruster, 65, Middle East correspondent for ARD, was stable after emergency surgery in a Syrian hospital, another German public broadcaster, regional network ARD, said.

Armbruster was covering the Free Syrian Army rebels fighting the government of President Bashar al-Assad.

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Myanmar unrest death toll reaches 43

The toll from violence between Buddhists and Muslims in Myanmar (Burma) has risen to 43. Source: AAP

THE death toll from recent communal violence in central Myanmar (Burma) has risen to 43 with more than 1300 homes and other buildings destroyed, state media has reported.

Sixty-eight people have been arrested in connection with the Buddhist-Muslim unrest, which has left 11,376 people homeless, the New Light of Myanmar newspaper reported on Saturday.

In total, 163 incidences of violence have been reported in 15 townships, it added.

Previously the official death toll stood at 40.

The situation appears to have calmed since President Thein Sein on Thursday vowed a tough response against those behind the violence, which he attributed to "political opportunists and religious extremists".

Security forces fired warning shots on Wednesday to disperse rioters. But Muslim leaders have criticised the security forces for failing to stop the attacks.

The clashes were apparently triggered by an argument in a gold shop that turned into a riot, but witnesses say the wave of violence since then appears to have been well organised.

It is the worst sectarian strife since violence between Buddhists and Muslims in the western state of Rakhine last year left at least 180 people dead and more than 110,000 displaced.

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