RBA holds cash rates to record low
- Asian Market
- 1 month ago
Earlier today the Australian central bank held interest rates to a record low, a unanimous decision forecasted by analysts, with policymakers pointing to a reverse to the country’s economic slowdown.
The RBA stated that it kept its key cash rate at 1% following a meeting of the monetary committee, growth in Australia has been slowing this year as a result of weakness in the global economy, a housing market downturn and US-China trade tensions.
However, the RBA pointed to some green shoots in the economy following stimulus measures including lower interest rates, tax cuts and spending on infrastructure, the comments brought the AUD to 0.1% lower against the USD at $0.6707.
Source: Smart Trend Team