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The Reserve Bank of Australia (RBA) has left official interest rates on hold at its first monetary policy meeting of the year.
Last year, in response to the Covid-19 crisis, the RBA board made three rate cuts, reducing the cash rate from 0.75% to a record-low 0.10%.
The cash rate is likely to remain at 0.10% for the foreseeable future. The board is “committed to not increasing the cash rate” until inflation (currently 0.7%) is sustainably within the 2-3% range, according to the minutes from the RBA’s last meeting.
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