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Reserve Bank holds interest rates at record low 1.5pc

The Reserve Bank of Australia has signalled greater discomfort with the appreciating Australian dollar which it sees challenging its expectations for growth and jobs.

Board members left the overnight cash rate steady at 1.5 per cent for a 11th-straight meeting on Tuesday.

“The higher exchange rate is expected to contribute to subdued price pressures in the economy. It is also weighing on the outlook for output and employment,” the August policy statement said. “An appreciating exchange rate would be expected to result in a slower pick-up in economic activity and inflation than currently forecast.”

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