The central bank of Australia RBA has kept the official cash rate at 4.75 % and decided not to increase it any further.

The official cash rate was held back since the RBA increased the lending rate last month following which all the major banks had opted for a much steeper hike.

The Reserve bank of Australia was of the view that the current cash rate was best according to the present economic scenario.

Since the rate hike has caused slowing down of the economy and has also reduced the risk of higher inflation, the Reserve Bank of Australia, is expected to keep the key rates as constant.

It is said that Governor Glenn Stevens and his board will not change the overnight cash rate target which is at 4.75 per cent. The same was the opinion of 25 economists that were survey by Bloomberg News.

The Reserve Bank of Australia announced a move which was highly unexpected from the bank under which it said it will be increase its benchmark interest rate. It is to be mentioned here that the bank said that the rate rise is on the back of the on concern of stronger growth that will cause inflation to accelerate.

According to the reports of Fairfax Media, a private equity fire sale could allow the Reserve Bank of Australia to take full control of the Securency International Ltd before selling its entire stake in the bank note making firm.

While the law enforcement authorities have recently launched raids on the claims of corrupt conduct by the subsidiary of the Reserve Bank's currency in three countries, it is to be mentioned here that the reserve Bank is the only one that developed the technology to make notes from polymer. In fact, the Reserve Bank had then set up the company Securency with a view to sell the product to the world.

The retail sales in Australia rose up in the August making it the six straight months of rise while the job ads hit a 20 months high in the same month. This is a good news for the economy of the country which would allow the country to rise the interest rates later.