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The Reserve Bank of Australia has kept rates on hold at 0.25 per cent as was widely expected.

AMP Capital’s Shane Oliver told Sky News “there were no real surprises” from the decision and “all of the action on the Reserve Bank’s front was back in March”.

“A rate cut in early March and another in the middle of March … that’s when they announced the start of quantitative easing, when the bank started buying government bonds,” Mr Oliver said.

“I think they have been successful, it has kept the banks afloat and enabled them to pass on rate cuts to their customers.

“All of those measures put in place are working.”