RBA leaves cash rate on hold at 2% for April

The Reserve Bank of Australia has left the official cash rate unchanged at 2% for the month of April.

The official cash rate was last cut in May last year by 25 basis points.

This means the RBA has left the cash rate unchanged for 11 months in a row.

RBA governor Glenn Stevens said in a statement monetary policy needs to remain accommodative given “quite low” inflation.

“At today’s meeting, the board judged that there were reasonable prospects for continued growth in the economy, with inflation close to target,” Stevens said.

“The board therefore decided that the current setting of monetary policy remained appropriate.”