RBA leaves interest rate at 2% in August

THE Reserve Bank has left the official cash rate on hold for the third consecutive month. 

The board last cut interest rates in May, when it reduced rates by 25 basis points to the record low of 2%.

In a statement made after the board's meeting today, RBA's Governor Glenn Stevens said Australia's terms of trade are falling, with key commodity prices much lower than last year.

Mr Stevens also noted the reserve is expected to start increasing its policy rate later this year.



More firefighters on scene as blaze burns out of control

More firefighters on scene as blaze burns out of control

UPDATE: Residential properties under threat as fire spreads

FIRE UPDATE: Four out of control fires in the Valley

FIRE UPDATE: Four out of control fires in the Valley

There are currently 24 fires currently burning in the Clarence.

Lucky escape after P-plater flips car

premium_icon Lucky escape after P-plater flips car

GALLERY: The vehicle came to rest in a busy CBD intersection

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