Australian markets rise after RBA holds key rate

Australian markets rose sharply as the Reserve Bank left its cash rate unchanged amid hotly contested federal election campaign.

Investors also digested mixed data, with Australian retail sales rising slightly less than expected in February, while the manufacturing PMI hit its highest level since 2022.

The benchmark S&P/ASX 200 climbed 1.04 percent to 7,925.20, with miners and gold stocks leading the surge. The broader All Ordinaries index closed 0.92 percent higher at 8,126.90.

The Reserve Bank of Australia left its benchmark rate unchanged, as widely expected, but cautioned about pronounced geopolitical uncertainties.

The policy board of the RBA, governed by Michele Bullock, decided to maintain the cash rate target at 4.10 percent.

 

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