The Reserve Bank of Australia (RBA) published the minutes of its April 2 2019 monetary policy meeting on Tuesday, with the key headlines found below. Likelihood of near term rise in rates low. Minutes board saw no strong case for near-term move in interest rates. Rate cut would be "appropriate" if inflation stayed low, unemployment trended up.
Reserve Bank of Australia Interest Rate Decision
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February RBA meeting review
The Reserve Bank of Australia (RBA), at its April monetary policy meeting held this Tuesday, left the official cash rate (OCR) on hold at a record low of 1.50 percent for the twenty-ninth straight meeting. The RBA statement read: “The low level of interest rates is continuing to support the Australian economy.
October RBA meeting review
Following are the key headlines from the November RBA monetary policy statement (via Reuters): "Low rates supporting the economy. Progress on unemployment, inflation expected to be gradual. Housing markets have slowed in Sydney, Melbourne. Credit conditions tighter than they have been for some time."
Bill Evans, Research Analyst at Westpac, points out that the RBA decided to leave the cash rate at 1.50% and remains cautious around the outlook for the consumer while retaining a conservative unemployment forecast.
What is the RBA?
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.
Who is RBA's president?
Interest rates latest news
The World Interest Rates Table
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.