Australia's central bank keeps interest rate unchanged, expects growth to be faster in 2018

  • Australia's central bank left its cash rate at 1.5 percent on Tuesday, a widely expected decision given policy makers have signalled a steady outlook for some time to come.
  • The Reserve Bank of Australia also expects the Australian economy to grow at a faster pace this year as compared to 2017.
The Reserve Bank of Australia building in Sydney on March 6, 2018.
William West | AFP | Getty Images
The Reserve Bank of Australia building in Sydney on March 6, 2018.

Australia's central bank left its cash rate at 1.5 percent on Tuesday, a widely expected decision given policy makers have signalled a steady outlook for some time to come.

The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting. In a Reuters poll of 27 analysts, all but one saw a steady outcome this week.

It also expects the Australian economy to grow at a faster pace this year as compared to 2017, and that a gradual pick-up in inflation is expected as the economy strengthens.