(MENAFN) The Reserve Bank of Australia's governor, Glenn Stevens, stated that the bank maintained official interest rates unchanged at 3 percent, reported AFP.
Stevens said that fiscal risks are to some extent fading away, although global growth is expected to be less than average.
He noted that the US has managed to avoid a severe fiscal decline, whereas financial tensions in Europe have alleviated noticeably over recent months, moreover, growth in China has become stable.
The governor stressed that there had been a considerable moderation in monetary policy last year, with interest rates reduced by 125 basis points through the year, and the forecasted effects were starting to happen.
It is worth noting that demand for a number of consumer durables has raised, and housing prices have increased, furthermore, there are signs of a potential rise in dwelling construction and savers are starting to shift portfolios towards assets offering higher projected returns.
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