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Financial News: Australia Keeps Monetary Policy Unchanged

Australia Keeps Monetary Policy Unchanged

12/06/2021 - 23:35:00 (RTTNews)

(RTTNews) - Australia's central bank left its key interest rate and bond purchase programme unchanged on Tuesday.

The policy board of the Reserve Bank of Australia headed by Governor Philip Lowe decided to leave its cash rate unchanged at a record low of 0.10 percent.

The board also voted to continue with the purchase of government securities at the rate of A$4 billion a week until at least mid February 2022.

The Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 percent target range, the bank said.

This will require the labor market to be tight enough to generate wages growth that is materially higher than it is currently. This is likely to take some time and the Board is prepared to be patient, RBA added.

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