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Financial News: Australia Keeps Rate Unchanged

Australia Keeps Rate Unchanged

02/03/2020 - 22:40:00 (RTTNews)

(RTTNews) - Australia's central bank retained its record low interest rate on Tuesday, as widely expected.

The board of the Reserve Bank of Australia, governed by Philip Lowe, decided to leave the cash rate unchanged at a record 0.75 percent.

The central bank had lowered the rate by 25 basis points in October 2019, which was the third such reduction this year.

"With interest rates having already been reduced to a very low level and recognising the long and variable lags in the transmission of monetary policy, the Board decided to hold the cash rate steady at this meeting," the bank said in a statement.

The bank said the interest rates are set to remain low for an extended period so as to reach full employment and achieve the inflation target.

It remains prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time, the bank added.

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