RBA Sees Uncertain Growth Outlook as Rate Pause Reaffirmed

Australia’s central bank said the nation’s economic outlook remains uncertain because of the conflicting forces at play and reiterated that interest rates are set to remain on hold.

Members “noted the significant uncertainties around the growth forecast and the importance of considering the risks to the forecast as well as the central projection,” the Reserve Bank of Australia said in minutes released today of its Aug. 5 meeting, where it kept the cash rate unchanged at a record-low 2.5 percent. “GDP growth was likely to have slowed to a more moderate pace in the June quarter.”