Reserve Bank leaves interest rates unchanged

RBA leaves interest rates unchanged, saying there are signs the global financial crisis is starting to end

The Reserve Bank has left interest rates at an unchanged rate of 3 percent, saying there are signs the global financial crisis is starting to end.

RBA Governor Glenn Stevens while the near term outlook remains weak, there are signs of worldwide economic recovery.

"Conditions in global financial markets remain generally on a path of gradual improvement, with equity prices off their lows, term spreads declining and capital markets re-opening," Stevens says.

However Stevens says it is important continued progress in restoring balance sheets remains essential to durable recovery.

The Governor did not rule out interest rates dropping later on in the year and says it will depend on how well the Australian economy is recovering from its current slide.

"In assessing whether future reductions in the cash rate are required over the period ahead, the Board will monitor how economic and financial conditions unfold, and how they impinge on prospects for a sustainable recovery in economic activity."

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