The Reserve Bank of Australia (RBA) has just announced it will maintain the official cash rate at 1.50%.
The price of oil rose to almost $US50 a barrel last week, following a decision by the Organisation of the Petroleum Countries (OPEC) to cut production for the first time in eight years.
This, together with some recent solid economic results, has influenced the RBA to hold off any changes to the cash rate in the short term.
The next key financial data will be the release of the quarterly inflation figures on 26th October – a very good guide for the RBA to use to decide if to further reduce the cash rate in November.
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