Acting in line with expectations the Reserve Bank of Australia (RBA) has kept the nation’s official interest rate on hold at 3.5 per cent at its July board meeting.
The decision comes following two straight months of rate cuts, down by 50 basis points in May and down by 25 basis points in June.
The current rate of 3.5 per cent sits at lowest level since November 2009 and comes amid concerns stemming from Europe’s debt crisis and fears of a slowdown in China.
However, RBA governor Glenn Stevens commented recently that, ''For Australians, the glass is well and truly half full.”
The Reserve Bank of Australia is still widely expected to cut rates by at least 25 basis points one more time this year.
