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Australia's central bank keeps interest rates on hold

The Reserve Bank of Australia has been loosening monetary policy as the country exits an unprecedented China-driven mining investment boom and non-resources industries strain to fill the gapAustralia on Tuesday kept interest rates at 2.0 percent after slashing them to a record low last month, and called for a weaker currency to help counter a sluggish economy struggling with soft business spending. The Reserve Bank of Australia has been loosening monetary policy as the country exits an unprecedented China-driven mining investment boom and non-resources industries strain to fill the gap. “Having eased monetary policy last month, the board today judged that leaving the cash rate unchanged was appropriate at this meeting,” Reserve Bank of Australia governor Glenn Stevens said in a statement.

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