6:48pm July 7, 2015 Reserve Bank leaves interest rates on hold with predictions it may halve within a year
July 07, 2015: Australia's record-low interest rates remain on hold with the Reserve Bank today leaving the official cash rate unchanged.
9NEWS
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The Reserve Bank of Australia has left interest rates steady at the record low of two percent following its July board meeting, with predictions the cash rate could be cut in half within a year.
The RBA today decided not to reduce the official cash rate by 0.25 percent, confirming recent wide-spread speculation.
Today, ANZ economists said they expected the Reserve Bank to keep interest rates on hold amid ongoing uncertainty offshore and patchy domestic economic data.
Investment banker and Melbourne radio host Tom Elliott believes further rates could be dramatic.
"It would not surprise me at all to see official rates cut from two percent where they are now, down to one percent sometime in the next 12 to 18 months.