Rates hold ‘just a pause’

Thursday, February 21, 2019

INTEREST rates were left on hold by the Reserve Bank of Australia yesterday, but local observers suggest another cut may becoming in the near future.

On hold: The Reserve Bank has decided against moving on rates.

Reserve Bank Governor Glenn Stevens said in his statement that after reducing the cash rate to a historically low 2.25 per cent last month it was appropriate to hold steady.

He also said the board would assess the case for cuts in the coming months.

ANZ regional executive Lionel Sexton said he believed this was a sign of a reduction around the corner.

“The upshot is there’s not a lot of concern about rates going up,” Mr Sexton said.

“The way the statement has been worded, it would imply that there’s room for a rate cut to come, either in April or May.”

The statement also mentioned the Australian dollar had “declined noticeably” against the US dollar and declined somewhat among a basket of currencies.

Mr Sexton suggested this trend could be good for the region. “A positive is the view that there will probably be an increase in exports that will drive growth in the economy,” he said.

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