Reserve Bank keeps interest rate on hold at 1.5% for 10th consecutive month | Australia news

The Reserve Bank has held its benchmark interest rate at 1.5% while signalling that it believes east coast housing markets may be starting to ease.

The RBA held the cash rate steady for a 10th consecutive month at 1.5% at its June board meeting on Tuesday, with Governor Philip Lowe noting concerns about weak wages growth and mentioning variations around the country in the housing market.

“Prices have been rising briskly in some markets, although there are some signs that these conditions are starting to ease. In other markets, prices are declining,” Lowe said in a statement.

The Australian dollar has climbed on the announcement, rising to 74.85 US cents by 2.38pm AEST, having earlier fallen to a low of 74.57 US cents on weaker than expected national exports data.

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