RBA has reduced the cash rate to 0.25%
19 March 2020
In an emergency meeting held this afternoon, the Reserve Bank of Australia has delivered a second consecutive cut in less than 3 weeks slashing the cash rate to a new record low of just 0.25 per cent in response to the worldwide COVID-19 (Coronavirus) pandemic.
Reserve Bank governor Philip Lowe said the bank would hold the cash rate at 0.25 per cent “until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2-3 per cent target band”. The RBA is moving in the footsteps of other world central banks, including the US Federal Reserve, in buying up government bonds and encouraging consumer spending through stimulus packages.
To read the full statement from RBA Governor Philip Lowe click here.
