At its meeting today, the Board decided on a package of further measures to support job creation and the recovery of the Australian economy from the pandemic. With Australia facing a period of high unemployment, the Reserve Bank is committed to doing what it can to support the creation of jobs. Encouragingly, the recent economic data have been a bit better than expected and the near-term outlook is better than it was three months ago. Even so, the recovery is still expected to be bumpy and drawn out and the outlook remains dependent on successful containment of the virus. The elements of today's package are as ... (full story)

Australia's official cash rate has plunged to 0.10 per cent, marking the lowest interest rates in the nation's history. Economists of the Reserve Bank of Australia (RBA) today decided to slash rates in a bid to stimulate the country's economy out of a COVID-19-driven recession. It's the third time interest rates have been cut this year. In January 2020, mortgage holders were paying 0.75 per cent interest on their repayments. In his monetary statement, RBA Governor Philip Lowe said the reasoning behind the cut was to provide credit to more Australians. "At its meeting today, the Board decided on a package of ... (full story)