Australia sees no pressing need for rate cut

Australia's central bank said there was no urgent need to cut interest rates as the local economy and those abroad showed signs of stabilizing, based on minutes of its June meeting.

The Reserve Bank of Australia expected the economy to recover gradually later this year, supported by a more upbeat global outlook.

Its report reinforced a growing view that the RBA will pause in its easing cycle for the foreseeable future. T

Australia's official cash rate stayed at 3.0 percent for the second straight month, after the RBA cut 425 basis points since September in a bid to bolster the economy and boost liquidity.