Many households have welcomed a decision to maintain the interest rate, the treasurer has noted.
The decision by the Reserve Bank of Australia (RBA) to maintain the interest rate at 4.5 per cent has been welcomed by a lot of households.
This is according to the treasurer Wayne Swan, who noted that the level is now 2.25 per cent less than when the government assumed office, the Australian reports.
One of the reasons for keeping the rate the same was a spending strike by consumers, the publication continued, despite the cost of commodities approaching the high levels seen in 2008.
But figures released earlier this week pointed out that the volume of products sold in the June quarter was down by 1.4 per cent.
Matthew Hassan, senior economist at Westpac - which offers a range of credit cards - said the average price of goods was therefore down by 0.8 per cent in the quarter.
This news comes after RBA governor Glenn Stevens announced that Aussie credit conditions had proved difficult in a variety of sectors.
By Emma North
