At its February monetary policy meeting, the Reserve Bank of Australia (RBA) maintained its official cash rate (OCR) at a record low of 0.75%, as it returned from its 2-month hiatus this Tuesday.
In its quarterly economic outlook, the Reserve Bank of Australia (RBA) said unemployment would have to be moving "materially higher" to warrant another cut in interest rates, adding to the impression it was in no hurry to ease again.
The Reserve Bank of Australia (RBA), at its October monetary policy meeting held on Tuesday, cut its official cash rate (OCR) by 25bps at a record low of 0.75%, as widely expected.
Following are the key headlines from the October RBA monetary policy statement (via Reuters): Reasonable to expect extended period of low rates. RBA will ease further if needed. Gentle turning point appears to have been reached.
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
Philip Lowe is an Australian economist, born in Wagga Wagga, New South Wales. He is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from 2012.
Lowe on his profile and Wikipedia.
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.
