In its monthly monetary statement, the central bank resolved to maintain the cash rate at 25 basis points, noting policy measures were sufficiently supporting the Australian economy.The decision is in line with the majority of Australia’s economists who were not expecting any change to the RBA’s policy settings.Economists at ANZ, Westpac and Commonwealth Bank all forecasted no change to the official interest rate.The Reserve Bank of Australia has kept the official interest rate at 0.25 per cent. Reserve Bank of Australia Governor Philip Lowe.
It is funding mechanism that provides cheap liquidity to Australia’s banking system.“Fiscal and monetary support will be required for some time given the outlook for the economy and the prospect of high unemployment,” Mr Lowe said.Mr Lowe also noted a depreciating US dollar and strong demand from China for commodities had pushed the Australian dollar to its highest level in two years.CommSec chief economist Craig James said COVID-19 has fuelled the biggest economic contraction since 1945, with the Commonwealth Bank’s investment arm forecasting a June quarter fall in economic activity of more than 5 per cent.CommSec chief economist Craig James says COVID-19 has fuelled the biggest economic contraction since 1945.June quarter gross domestic product figures to be released on Wednesday are expected to reveal more of the financial damage incurred from the pandemic.“The Australian economy probably fell 5.4 per cent in the June quarter to be down 4.7 per cent on the year,” Mr James said.“The quarterly decline will be the biggest on record going back over 60 years. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners SYDNEY: The recent appreciation in the Australian dollar is not a problem at this point although a lower exchange rate would help the economy, the country's top central banker said on Monday.The Aussie has surged 24 per cent to the US dollar since hitting a low of US$0.5510 in March.
"We do face a world where there'll be a shadow from the virus that will last for quite a few years," Lowe said, pointing to the need for fiscal reforms and technological innovations. "I fear if we don't leverage the advances in technology, and we don't see policy reform we'll just...meander and kind of have slow growth.
Credit: AP There is a … By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. This article is more than 1 year old. "At the moment, I think it's really hard to argue that the Australian dollar is overvalued," Reserve Bank of Australia (RBA) Governor Philip Lowe said in a webinar.He cited better health and economic outcomes from the impact of the coronavirus crisis than other countries and strong commodity prices, with the downturn expected to be shallower than earlier thought.Lowe's comment further supported the Aussie which was last up 0.1 per cent at US$0.6841 after going as low as US$0.6801 earlier in the session.Australia has been held up as one of the world's top coronavirus mitigation success stories. "At the moment, I think it's really hard to argue that the Australian dollar is overvalued," Reserve Bank of Australia (RBA) Governor Philip Lowe said in a webinar. Picture: Joel Carrett/AAPThe Reserve Bank of Australia has kept the official interest rate at 0.25 per cent but has warned Victorian restrictions are causing a massive dent to the state’s economy. This service is not intended for persons residing in the EU. Reserve Bank governor Philip Lowe says it is "extraordinarily unlikely" that Australia's economy will need to be stimulated by slashing interest rates into negative territory. The Reserve Bank has kept the interest rate at the historically low level of 0.25 per cent, warning that Victoria’s lockdown was hurting the economy.With an unprecedented amount of Australians unemployed, an expert explains the future job market post coronavirus.Reserve Bank of Australia Governor Philip Lowe. This service is not intended for persons residing in the EU. This article is more than 1 year old. Reserve Bank governor Philip Lowe has launched a broad ranging rebuttal to alternative public financing theories including helicopter money. Mediacorp Pte Ltd. All rights reserved. Picture: Joel Carrett/AAP Source:AAP. Reserve Bank Governor Dr Philip Lowe has put out a report card on the Australian economy and it is a decidedly mixed bag. Picture: William West/AFPMr Lowe said the bank would not consider lifting the cash rate until inflation targets of 2 to 3 per cent were met.The bank has decided to extend the term funding facility, which was implemented at the beginning of the pandemic.
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