Reserve Bank Interest Rate Announcement

The Reserve Bank has opted to keep rates on hold at 4.75 per cent.

The move comes on the back of recent figures showing Australia's economy shrank in the first three months of this year, due to the catastrophic Queensland floods.

Economists are still tipping a rate rise this year, but not until August, or possibly later.

Extracted from Domain Announcements (Fairfax Media Publications Pty Ltd ABN 33 003 357 720)