CANBERRA, ACT, Dec. 9 -- 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 as expected.
While millions of Australians would have preferred more rate relief, this decision was widely anticipated by economists and markets.
Inflation has moderated substantially since we came to office and that has given the Reserve Bank the confidence to cut interest rates three times this year.
Those three rate cuts have provided very welcome relief to millions of families this year, saving a household with a $700,000 mortgage around $330 a month, or $4,000 a year.
This is a reflection of the significant progress Australians have ...