The reserve bank left interest rates unchanged at a record low in its first board meeting of the year.
The central bank’s key interest rate has been 0.1 percent since November last year.
« The economic recovery is in in full swing and stronger than expected, « Reserve Bank Governor Philip Lowe said in his statement after the meeting on Tuesday.
However, he reiterated that the board would not increase the cash rate until actual inflation sustained is in the target range of two to three percent.
The reserve bank’s three-yield bond target rate, which is designed to keep short-term market interest rates low, and the bank maturity facility were also held at 0.1 percent.
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