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Australian Treasurer welcomes bank's decision to hold cash rate

07-06-2010 16:27 BJT

CANBERRA, July 6 (Xinhua) -- Australian Treasurer Wayne Swan on Tuesday said Australia Reserve Bank's decision to leave the cash rate unchanged for another month will be welcome news for families and businesses.

The central bank left the cash rate at 4.5 percent for a second month in a row following Tuesday's board meeting.

"This decision is welcome news for many families and businesses around the country," Swan said in a brief statement.

"While we've fought off recession and kept unemployment low, we know a lot of people are still doing it tough and recent rate rises have stretched family budgets."

Swan said the government was doing everything it could to help families with cost of living pressures through measures like the education tax refund, the childcare tax rebate, an "historic rise" in the pension and the third round of tax cuts starting last week.

The central bank has raised the cash rate six time since last October.

Swan said a homeowner with a 300,000 dollars (252,483 U.S. dollars) mortgage was still paying around 450 dollars (379 U.S. dollars) a month or 5,400 dollars (4,545 U.S. dollars) a year less than they were before the global financial crisis hit.

Editor:Du Xiaodan |Source: Xinhua

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