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RBA keeps rates steady
Released 1 February 2011

The Reserve Bank of Australia (RBA) has given home owners a reprieve leaving interest rates steady at 4.75%.  

At its first Board meeting since December, Reserve Bank Governor Glenn Stevens kept rates unchanged largely as expected by experts after the shock November rise on Melbourne Cup Day.

REINSW CEO Tim McKibbin said the Queensland floods have played a role in the decision to keep rates steady.

“The decision to pay an extra flood levy and low inflation has played on the minds of the RBA. We also have a storm on our doorstep which may cause extra concern. The flood levy will take some of our discretionary spending and we will also see some infrastructure spending on floods."
The official cash rate started 2010 at 3.75% with rates lifted 0.25% in March, April, May and November.