RBA Keeps Record-Low Interest Rate as Aussie Stays High

Australia’s central bank kept its key interest rate at a record low as the sustained strength of the currency slows an economic transition and hampers hiring.

Reserve Bank of Australia Governor Glenn Stevens left the overnight cash rate target at 2.5 percent for a 15th month, as expected, and said the currency “remains above most estimates of its fundamental value, particularly given the further declines in key commodity prices.”