Interest Rates on Hold!

At its board meeting this afternoon, the Reserve Bank of Australia opted to keep rates on hold. The official interest rate remains at 3 per cent. The move was largely expected after comments from the Reserve Bank Board's governor, Glenn Stevens, revealed that the board was comfortable with the current rate settings. The Reserve Bank has slashed rates by 1.75 per cent since November 2011. The decision to keep rates on hold comes as the real estate market has been buoyed by increased buyer enquiry and a solid start to the auction season.