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Interest rates remain on hold
Released 1 March 2011

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

At its second Board meeting of the year Reserve Bank Governor Glenn Stevens kept rates unchanged at 4.75%.

REINSW CEO Tim McKibbin said the decision to keep interest rates on hold was largely as expected.

“The economy is still trying to recover from of the affects of the global financial crisis and with the fires, floods and cyclone and the central bank has made a mature decision.

“It is a great result for existing borrowers and also for those who are seeking finance due to the natural disasters.

“We anticipate the mature touch of the RBA to continue because it is unlikely to place additional burden on the on the economy. We are starting to see the green shoots of recovery and they should not be hampered by interest rate rises.

The official cash rate started rose 1% in 2010 with rates lifted 0.25% in March, April, May and November.