RBA Keeps Record-Low Rate to Boost GDP as Commodities Tumble

Australia’s central bank kept interest rates at a record low to spur an economy struggling for traction against a high currency and tumbling export prices.

Governor Glenn Stevens kept the overnight cash rate target at 2.5 percent for a 16th month, saying in a statement that “key commodity prices have declined significantly in recent months.” Today’s board decision was predicted by all 30 economists surveyed by Bloomberg News and markets had priced almost no chance of a move.