Australian rates left unchanged

The last outgoing board meeting chaired by former chief of Reserve Bank of Australia Glenn Stevens ended with the board deciding to leave the cash rate unchanged at 1.5 percent. RBA minutes of the monetary policy meeting held on Sept 6, but released on Tuesday, revealed that the central bank was not fazed by rising housing prices or by the high auction clearance rates as reported recently. Average prices for homes on the mainland state capitals have surged by 8 percent in the past year.