RBA leaves interest rate on hold – 4.75%

THE Reserve Bank of Australia kept interest rates on hold today at its first meeting for 2011, after devastating floods in Queensland. The central bank chose to keep the official cash rate steady at 4.75 per cent, meeting the expectation of financial markets and the majority of economists. The bank is forecast to keep interest rates on hold for the next few months as the damage from the Queensland floods in December and January is assessed.

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