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The Reserve Bank of Australia has left the cash rate on hold at 2.50% p.a, and commentators are now saying they do not expect further interest rate cuts before Christmas.
Consistent with their October decision to leave rates on hold, and in light of the global uncertainty surrounding the U.S. government shutdown, the RBA Board have again opted to keep rates steady and study the data before adjusting the cash rate this month.
The chances of a rate cut before the end of the year dived this week when new data showed house prices and retail sales were accelerating and the long-run decline in job advertisements was coming to an end.
A solid rise in department store, clothing and footwear sales across all states except Western Australia helped lift national retail spending by 0.8 per cent in September to $22.15 billion, twice as quickly as economists had expected and the biggest monthly rise since February.
Federal Treasurer, Joe Hockey, said the result reflected “the responsible, careful and methodical approach of the Coalition”.