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Australia's central bank keeps benchmark interest rate at 1.5 pct

Xinhua, December 6, 2016 Adjust font size:

The Reserve Bank of Australia, the country's central bank, held its benchmark interest rate at 1.50 percent on Tuesday.

RBA governor Philip Lowe said it would be best to hold rates steady, citing the patchy labor and housing markets, the Australian Associated Press reported. The central bank made two rate cuts this year and many economists expected it to keep rates on hold this time.

"The board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," Lowe said in a statement. Endit