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RBA keeps rates steady
Released 3 August 2010

The Reserve Bank of Australia (RBA) has kept interest rates on hold for the third month in a row.

Reserve Bank Governor Glenn Stevens left rates on hold at 4.50% as expected by the majority finance experts.

REINSW CEO Tim McKibbin welcomed the decision as a plus for home owners and those interested in entering the property market.

"Consecutive interest rates rises have been a big concern for everyone who is servicing a mortgage, particuarly those who have just purchased their first property. Australia has been out of step with the world economy in raising interest rates and we don't want to go backwards," McKibbin said.

The official cash rate started the year at 3.75% with rates lifted 0.25% in March, April and May.

In October 2009, the RBA was the first Western Bank to lifts its cash rate since the beginning of the global financial crisis.