CANBERRA, ACT, July 8 -- The Treasurer of Australia issued the following media release:
Today the independent Reserve Bank left interest rates on hold at 3.85percent.
It's not the result millions of Australians were hoping for or what the market was expecting.
We have made substantial and sustained progress on inflation which is why interest rates have already been cut twice in fivemonths this year.
We've seen elsewhere that when central banks cut rates, they don't always cut at every meeting.
The RBA has indicated the direction of travel on inflation and interest rates has been established.
The latest monthly inflation figures showed that both headline and underlying inflation were in the bottom half of the Reserve Bank of Australia'...