The Reserve Bank of Australia has kept official interest rates on hold for the seventh consecutive month.

Analysts said the RBA is keeping a lid on rates to offset rising unemployment and concerns about a slowdown in China.

The Housing Industry Association says rates are being kept on hold to boost the non-mining economy.

RBA governor Glenn Stevens indicated that the surging Australian dollar would hinder the economy’s adjustment away from mining.

There is no doubt that lenders are responding to the rate inactivity with a variety of incentives to attract new customers, with intense competition in the fixed rate market. ?

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