The Reserve Bank of Australia has decided to keep interest rates at a record low of 0.1%. Meanwhile, Governor Philip Lowe said the deployment of the vaccine has helped restore the global economy. The governor’s statement states that inflation needs to be 2-3% before it can be raised, with the cash rate remaining at 0.1%, but admits that it is unlikely that a rate hike will occur by 2024. I am. The RBA has also updated on bond purchases. The program has purchased about $ 100 billion in government bonds and has announced that it will begin buying another $ 100 billion in government bonds next week. Banks believe the 5.8% unemployment rate is still too high and needs to fall further, according to Rowe’s statement, and mentions record low wage growth that needs improvement.
2 hours ago