Reserve Bank of Australia holds key interest rate at record low of 1%, after cutting benchmark at each of prior two monthly meetings.

RBA Governor Philip Lowe says in statement Tuesday: “It is reasonable to expect that an extended period of low interest rates will be required in Australia to make progress in reducing unemployment and achieve more assured progress towards the inflation target. The Board will continue to monitor developments in the labor market closely and ease monetary policy further if needed to support sustainable growth in the economy and the achievement of the inflation target over time.”

The Aussie dollar has fallen more than 3% since the central bank's July interest-rate cut, aiding exporters and import-competing industries.

Source : Bloomberg