CANBERRA, ACT, Sept. 30 -- The Treasurer of Australia issued the following media release:
Today the independent Reserve Bank of Australia Monetary Policy Board kept interest rates on hold at 3.60percent.
While millions of Australians would've wanted to see more rate relief, this decision was widely anticipated and widely expected by markets and economists.
Rates have already come down three times this year and that's a good thing.
That's because we've made very substantial and sustained progress together on inflation over the past threeyears.
For a household with a mortgage of $700,000, the three rate cuts mean they are saving about $330 a month, or about $4,000 per year.
On the most reliable measure, headline and underlying inflation...