Australia keeps rates on hold

Australia’s central bank kept interest rates on hold at 3.0 per cent Tuesday, saying global downside risks appeared to have eased but domestic pressures were lingering.

Reserve Bank of Australia governor Glenn Stevens said there were a “number of indications that the substantial easing of monetary policy during late 2011 and last year is having an expansionary effect” but more time was needed.

The stubbornly high Australian dollar is squeezing local industries despite a drop in export prices, while households and businesses remained cautious.

via Business feed http://www.scmp.com/business/economy/article/1205464/australia-keeps-rates-hold