Reserve Bank of Australia – Interest Rate Decision

Posted on 5th May 2020 by Christabelle Harris

At its meeting today, the Reserve Bank of Australia (RBA) decided to keep the official cash rate unchanged at 0.25%. This is still the lowest it’s ever been.

In March, the RBA decided to reduce the cash rate twice – firstly to 0.50% and then to a record low of 0.25% as a response to uncertainties surrounding the coronavirus (COVID-19) global crisis. RBA governor Philip Lowe is confident that our economy will recover but the timing depends on how we effectively we manage the virus. Much will depend on the success of the efforts to contain the virus and how long the social distancing measures need to remain in place.

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