The Reserve Bank of Australia has held its official interest rate steady at 4.5 per cent for a third month in a welcome reprieve for Prime Minister Julia Gillard as she campaigns for re-election on a strong economy.
The RBA said global conditions remained volatile and opted to keep the cash rate on hold ahead of August 21 elections.
"With growth likely to be close to trend, inflation close to target and the global outlook remaining somewhat uncertain, the Board judged this setting of monetary policy to be appropriate," Governor Glenn Stevens said.
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