(MENAFN) Australia's central bank kept interesting rates on hold at 2 percent for the second month in a row, saying accommodative monetary policy was needed with economic growth slowdown, AFP reported.
The Reserve Bank of Australia has cut rates 250 basis points since November of 2011 to support the economy as it undergoes a sharp decline in mining investment after an unprecedented boom.
Australia's economy has been growing below-trend in recent months as non-mining sectors struggle to fill the gap left by resources industries, with businesses being hesitant to invest and spending remains soft.
"Information on economic and financial conditions to be received over the period ahead will inform the board's assessment of the outlook," Reserve Bank governor said in a statement.
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