News Summary

• The decision to keep rates on hold was unanimous.
• Economists say it was the prudent decision, given the level of uncertainty in the global economy at the moment.
• The Monetary Policy Board's next interest rate meeting will be held on August 10-11.
• The decision comes after recent data showed Australia's economy has lost momentum and that the unemployment rate has risen.
• But with underlying inflation still too high, the RBA has chosen to hold rates steady to see how the economy performs in the coming weeks.