The Reserve Bank of Australia has announced the bank rates. It has informed that there will be no change in its standard rate. It would examine the upcoming impact on growth and rise of flooding across the nation's east coast as stated by RBA.
A survey was done by the Bloomberg News, it had included 22 economists. They have forecasted that Governor Glenn Stevens left the overnight cash rate target at 4.75 percent in Sydney.
Moreover, it is also expected that there may be a rise in Queensland and the southern state of Victoria to add 0.25 percentage point to inflation this quarter and incise 0.5 point from gross domestic product. This has been stated by Treasurer Wayne Swan in a statement last week.
Today, Stevens has said that, the net added demand from rebuilding is improbable to have a major impact on the medium-term position for inflation.
It is expected by the bank that the inflation over the upcoming year will continue to be compatible with its aim range of 2 percent to 3 percent.