The Board of the Reserve Bank of Australia (RBA) has today left the Official Cash Rate (OCR) at a record low of 1.50 per cent, reports the Housing Industry Association - the voice of Australia’s residential building industry.

“This is not a surprising decision. We need a little bit left in the interest rate fuel tank lest something untoward occur – there was no compelling reason to cut rates further today so the RBA is just moving with the flow,” said HIA Chief Economist, Dr Harley Dale.

“One could argue that today’s decision is reflected in a less positive tone from our central bank – perhaps they are a little bit more worried about the economic outlook.”

“Should the economic situation deteriorate from here, though, you’d have to say the RBA has already done its work.”

“The welcome, but at times less than subtle message leaving the lips of our outgoing RBA Governor – Glenn Stevens is that Australia’s future now rests with the commitment from our elected representatives to undertake economic reform,” concluded Harley Dale. “That’s about strong and brave governance, not monetary policy.”

See also:

HIA New Home Sales mount a partial recovery in August

Interest rate cut will have positive outcome for Australian property market

Interest rates steady despite political uncertainty