 Reserve Bank rate decision
The reserve Bank of Australia has done what most industry experts predicted and left official interest rates on hold this month.
The cash rate has been left unchanged since April when it hit today's record low of at 3 per cent.
Reserve Bank Governor Glenn Stevens is confident his original forecasts for the economy may have been wrong and he know believes the government stimulus packages and low interest rates have boosted the economy.
He signaled he may not wait for unemployment to peak before raising rates, spurring speculation Australia will increase borrowing costs faster than most other nations.
Stevens, who slashed borrowing costs by a record 4.25 percentage points in six moves between September and April, said on July 28 that "hopefully" policy makers will find "a suitably timely way of returning to normal when the right time for that comes."
Last month CommSec economist Craig James said that the RBA was in "wait and see mode" and would hold off on moving rates up or down for another few months.
Recently several banks have raised the rates on fixed rate mortgages.
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