Aust stocks close flat

Local market little changed after RBA leaves rates on hold, retail sales disappoint.

The Australian stock market closed flat today after the Reserve Bank of Australia left interest rates on hold and weaker than forecast retail sales figures disappointed analysts.

At 1615 AEST official market close, the benchmark S&P/ASX200 index inched up 0.16% to 5,196.6 points, while the broader All Ordinaries index edged 0.21% higher to 5,188.9 points.

The flat close follows the RBA's decision to leave the official cash rate unchanged at 2.5%.

IG analyst Chris Weston said the accompanying statement "was as neutral as you can get".

"The RBA won't cut again now until at least November," Mr Weston said.

Lower than expected retail sales figures were released today, lifting 0.1% against analyst expectations of a 0.4% gain.

Mr Weston said this was the fifth month in a row the data missed forecasts.

"If the market is looking for disappointment then Australia is probably the place to find it," he said.

"It’s clear the consumer is not spending, despite confidence improving."

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