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Australia holds rates at 4.75%

The Reserve Bank of Australia has announced that it has decided to leave the nation’s interest rate unchanged at 4.75%.

Global economic growth continues, though the rate of expansion declined last month due to high commodity prices and the after-effects of the Japanese earthquake.

The Reserve Bank’s governor, Glenn Stevens, also said in his statement that further uncertainty was entering the financial markets due to the ongoing sovereign debt crisis in the eurozone.

Australia’s economic position is generally sound, although the recovery from the recent natural disasters to hit areas of the country has been gradual rather than rapid.

Inflation is forecast to remain above average in the immediate future, but fall to a more desirable level naturally over the next year or so.

The debate regarding a possible rate rise in the UK from its record low of 0.5% has somewhat abated recently, although the decision remains only a matter of time.

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