Reserve Bank keeps interest rates on hold at 1pc despite stalling economy | ABC News

The Reserve Bank has kept its official interest rate on hold, despite indications the economy slowed sharply over the June quarter.

The RBA board decided to keep its powder dry after making consecutive cuts in June and July to take the cost of borrowing to a historic low of 1 per cent.

The decision was taken ahead of tomorrow's release of second quarter GDP figures, which are expected to show the economy slowing to its weakest growth in almost two decades.

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