At its meeting today, the Reserve Bank of Australia (RBA) has kept the official cash rate unchanged at the historic low of 0.10%.
Last month, the Board slashed the cash rate for the third time this year at a historic low of 0.10%. This was accompanied by an additional bond purchase (quantitative easing) program worth $100 billion of government bonds over the following six months.
“The combination of the RBA’s bond purchases and lower interest rates across the yield curve will assist the recovery by: lowering financing costs for borrowers; contributing to a lower exchange rate than otherwise; and supporting asset prices and balance sheets,” RBA governor Philip Lowe said.
Interest rates will likely remain at a record low for the foreseeable future as the RBA won’t meet in January.
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