Interest rates on hold

The Reserve Bank has kept interest rates at 3 per cent for the second successive month at its March board meeting today.

The Reserve Bank's decision came after a raft of economic data released this morning pointed to the suggestion that there were early signs the 50 basis points of cuts in October and December were filtering through to the economy.

Retail sales rose by 0.9 per cent for the month of January, surpassing economists’ expectations, following three consecutive months of falls.

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