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As anticipated interest rates remain unchanged at 5.5 per cent for a fifth consecutive month, The Reserve Bank of Australia announced today. Consumer spending and home building are cooling and, as a result, interest rates are looking less likely to change this year.

Building approvals unexpectedly rose 0.9 per cent in June, but in the year to June actually fell 4.8 per cent the Australian Bureau of Statistics reported.

Economic Research Unit
Franklin + Andrews

eru@franklinandrews.com