The Reserve Bank of Australia held its cash rate unchanged at 4.75% with the Bank judging the rate as appropriate given the general macroeconomic outlook. On inflation, the Bank noted "Inflation is consistent with the medium-term objective of monetary policy, having declined significantly from its peak in 2008." and further commented that "Overall, looking through these temporary effects, the Bank expects that inflation over the year ahead will continue to be consistent with the 2–3 per cent target.".
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