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RBA leaves cash rate on hold at 3.5% - noting housing market remains subdued.

The Reserve Bank has, as expected, left the official cash
rate unchanged today at 3.5% following its monthly
monetary policy meeting.
The decision to hold follows 75 basis points being
shaved off the cash rate in May and June.
RBA board members will have noted the 1% rise in
capital city house and unit prices in June as recorded
by RP Data-Rismark, and partly attributed to the
previous rate cuts.
In its previous monetary policy statement the RBA
remarked on the softening in the housing market.
Retail sales figures for May will be released tomorrow,
with economists expecting 0.2% month-on-month
growth.
A poll of 28 economists by Bloomberg ahead of the
decision all expected the RBA to hold today.
Westpac is still forecasting the cash rate to reach 2.75%
by year-end.
HSBC Australia economist Paul Bloxham expects one
more 25 basis point rate cut in the second half of the
year.
By Larry Schlesinger
Tuesday, 03 July 2012



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