Reserve Bank Announcement
May 5, 2020 Uncategorised
The RBA has made the decision to hold the cash rate at the historically record low of 0.25%. They slashed the rate in March as an emergency action in response to the unprecedented economic implications of the Coronavirus crisis.
The announcement today to hold the cash rate was widely expected and predicted following the RBA’s previous communication that they will hold the rate at 0.25% until progress is being made towards full employment.
The global economy is experiencing a severe decline as nations seek to contain the coronavirus. Many Australians are being personally impacted and a sharp rise in unemployment is occurring.
Given the uncertainty of this outlook, the RBA will be proactive in keeping funding costs low in Australia and credit available to households and businesses. The Board is dedicated to assist in supporting jobs, incomes, and businesses during this difficult period and to make sure that Australia is well placed for the expected recovery.
Read the full statement HERE.