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Housing market concerns stay RBA on rates

Worries about the state of Australia's housing market, persistent high levels of debt and the high Aussie dollar convinced the Reserve Bank to keep its official interest rate on hold in September, despite improvements in the jobs market.

Continuing price rises in Melbourne's established housing market - versus easing in Sydney - and continuing overall growth in mortgage borrowing above household income levels were among the factors that convinced the central bank to hold the cash rate at 1.5 per cent, minutes of the September meeting show.

The RBA minutes, released on Tuesday, also indicate the bank remained concerned about the impact any rate hike might have on the Aussie dollar, which has risen strongly against the US greenback in recent months and slowed economic growth and inflation.

Topics: Interest Rates

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