RBA expected to keep rates on hold

RBA expected to keep rates on hold

Meanwhile, Australia's central bank left interest rates at a record low today after mixed signals from the domestic economy in recent weeks.

In a widely expected move, the RBA left interest rates unchanged at at the conclusion of its monthly policy meeting.

An AAP survey of 13 economists shows all are confident the central bank will leave the cash rate steady at a record low of 1.5 per cent at its November board meeting on Tuesday.

Meanwhile, the greenback remained supported after mostly positive US data released late last week added to expectations for a rate hike by the Federal Reserve.

On the positive side, the global economy and infrastructure outlook remain positive while rampant house price growth has been slowing in line with a "soft landing".

U.S. shares last night set new records for the second day in a row boosted by rising oil prices, solid United States economic data and a series of strong earnings reports.

It ended the day 61 points (1.02%) higher at 6,014.

Paul Dales, chief economist at Capital Economics said the RBA is too complacent about some of the risks to the economy, with retail sales in its worst slump in seven years and inflation actually retreating last quarter. "This is likely to continue for a while yet, atthough the stronger conditions in the labour market should see some lift in wage growth over time", he said.

While numerous bank's global peers, including the Federal Reserve, the Bank of Canada and the Bank of England, have raised interest rates as their economies pick up momentum, mixed trends in the Australian economy have the RBA cornered for now.

Governor Lowe continued to highlight risks around the currency saying it was weighing on job creation.

The unemployment rate has also fallen to 5.5%.

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