Aust stocks soar 2.3% as RBA holds fire

The Australian stock market accelerated gains to 2.3% as it broke the 4800 threshold in late trade, after the Reserve Bank of Australia held the cash rate at a record low for the second straight month.

The Australian stock market accelerated gains to 2.3% as it broke the 4800 threshold in late trade, after the Reserve Bank of Australia held the cash rate at a record low for the second straight month.

The central bank's move added to optimism from a rebound on Wall Street overnight, which saw the Dow Jones start July on a positive note on a promising duo of local economic reports.

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