Economic news

Aussie steady as RBA keeps cash rate unchanged

The Australian dollar was stable at $0.7222 on Tuesday after Australia's central bank held the official cash rate (OCR) unchanged at a record low of 1.50 percent.

The Aussie stayed 2.7 percent above a more than two-and-a-half-year trough of $0.7021 hit on Oct. 26.

According to the RBA, the record-low interest rate is continuing to underpin the national economy.

CPI inflation was 1.9 percent, in line with the Bank's forecasts. GDP is expected to grow at a 3.5 percent annual pace in 2018 and 2019, before slowing in 2020 due to slower increase in exports of resources.

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