RBA keeps policy steady, concerns on home prices persist

The Reserve Bank of Australia (RBA) at its monetary policy meeting today, left the official cash rate unchanged at a record low of 1.50%, as widely expected.

Statement Summary:

RBA says an appreciating A$ would complicate economic rebalancing

Judged steady policy consistent with growth and inflation targets

Says broad based pick up in global economy

Says tighter regulations should lessen risks from high and rising debt

High level of China debt a medium term risk

Home prices rising briskly in some areas

Commodity prices providing a boost to Australia's national income

Wage growth slow, and likely to remain that way for a while

Labour market indicators remain mixed

Year-end GDP growth is expected to have slowed in the March quarter

Some signs that conditions in the housing market are starting to ease