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AUSTRALIAN INTEREST RATES EXPECTED TO REMAIN STEADY: ECONOMISTS.
SYDNEY, Dec 2 Asia Pulse - Economists are confident that the Reserve Bank of Australia will keep interest rates on hold once more after its board meeting this week because of a shaky global economic outlook.
While the domestic economy is holding up well, the weak US economy and concern about the full impact of the drought on Australian growth next year were likely to keep rates steady for an extended period of time, they said.
The RBA board meets on Tuesday and is almost certain to keep the cash rate at its current 4.75 per cent.
"I think the Reserve Bank will clearly be on hold even though the recent data we've seen in Australia ... has held up quite well," SG Australia chief economist Glenn Maguire said.
"I think we have two factors working to suppress the domestic economy, one is the drought and the other is a very sluggish global environment."
Last week Treasurer Peter Costello said although the Australian economy continued to outperform other developed nations, it was the weak US economy that posed the biggest risk to domestic growth.
"All the indications, all the discussions have been in terms of the Australian economy domestically is doing OK," Commonwealth Bank chief economist Michael Blythe said.
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Source: HighBeam Research, AUSTRALIAN INTEREST RATES EXPECTED TO REMAIN STEADY: ECONOMISTS.