90 at 9: RBA on hold; Car sales slump; Chinese may buy Holden

Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with ASB. The Reserve Bank of Australia has left its official rate on hold at 3%, as expected, while CBS Canterbury and PSIS have cut their variable mortgage rates. New and used car sales have slumped more than 30% from a year ago and Structured Finance has frozen payments on NZ$32 million owed to 172 investors. Finally, General Motors is expected to put Holden up for sale and a Chinese company is the most likely buyer.