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RBA Lowers Growth, Inflation Forecasts; Says Rates on Hold

The Reserve Bank of Australia cut growth and inflation forecasts amid a steeper drop in mining investment and reiterated interest rates will remain on hold.

The outlook reflects “the opposing forces of the decline in mining investment and ongoing fiscal consolidation on the one hand, and the strong growth in resource exports and the support from very low interest rates on the other,” the RBA said in its quarterly monetary policy statement in Sydney today. “The unemployment rate is likely to remain elevated for some time.”