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Rba Says Aussie ‘Uncomfortably High’ As It Holds Key Rate

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Australia’s central bank left its benchmark interest rate unchanged at a record low and said a weaker currency will be needed to achieve balanced growth.

Governor Glenn Stevens and his board kept the overnight cash-rate target at 2.5 percent, the Reserve Bank of Australia said in a statement today in Sydney, as predicted by all 31 economists surveyed by Bloomberg News. The Australian dollar dropped as Stevens said it remained “uncomfortably high.”

Another country needing a weaker currency for growth...

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It's tough though when your currency is high due to the Dutch disease, not because it is producing manufactured goods of high quality.

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