The Reserve Bank of Australia (RBA) kept interest rates unchanged at 4.75 percent, saying its 'current mildly restrictive stance' remained appropriate.
Reserve Bank of Australia governor Glenn Stevens said the drastic floods eastern Australia experienced over the summer would impact the economy, but would likely have a temporary effect.
"Overall, looking through these temporary effects, the Bank expects that inflation over the year ahead will continue to be consistent with the 2-3 percent target," Stevens said.
- more to come-
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