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The Reserve Bank of Australia is content with its “mildly restrictive” cash rate policy.
According to the minutes of the December Monetary Policy meeting, released yesterday, the positive outlook for business investment means the current policy setting is appropriate.
The Board kept its overnight cash rate target at 4.75 per cent in December after a surprise increase of 0.25 of a percentage point in November that it called a pre-emptive move to ensure that positive terms of trade shock and any surge in capital expenditure did not fuel inflationary pressures.
Inflation remains in the bottom half of the RBA’s target range of 2 to 3 per cent.