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5/7, 5:45 AM (Source: TeleTrader)
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RBA says no rate hike until 2024

Reserve Bank of Australia (RBA) said that it will not raise its interest rates until 2024 at the earliest, its statement on monetary policy showed.

The bank noted it intends to maintain its rates until "actual inflation" is "sustainably" within its 2 to 3 percent target range. "For this to occur, the labour market will need to be tight enough to generate wages growth that is materially higher than it is currently," the statement explained.

The targets for the cash rate, as well as the three-year Australian Government Securities (AGS) bonds, have been set at 10 basis points in March last year and have been held at that level since.

Breaking the News / NL