The Reserve Bank of Australia (RBA) board members left the official cash rate (OCR) at a record low of 0.10% at their August monetary policy meeting. The central bank said that it will continue with tapering of the bond-buying programme after early September.
“The bank's central scenario for the economy is that condition for rate hikes will not be met before 2024,” the Reserve Bank of Australia (RBA) July meeting’s minutes revealed on Tuesday. "Board remains committed to maintaining highly supportive monetary conditions." "Recovery in the labour market had continued to be faster than expected."
Fiscal stimulus deployed in lieu of the extended COVID-19 lockdowns should mitigate the impact on employment and growth, the Reserve Bank of Australia (RBA) board member Ian Harper said in an interview with MNI.
Commenting on the inflation outlook, the RBA Governor Phillip Lowe said that he “wants to see inflation above 2% for a number of quarters.” The central bank “needs to see wage growth sustainably above 3%,” Lowe added.
The Reserve Bank of Australia (RBA) board members left the official cash rate (OCR) at a record low of 0.10% at their August monetary policy meeting. The central bank said that it will continue with tapering of the bond-buying programme after early September.
Following are the key headlines from the August RBA monetary policy statement, via Reuters, as presented by Governor Phillip Lowe. "Central scenario for the economy is that condition for rate rise will not be met before 2024."
The Reserve Bank of Australia (RBA) board members announced a no change to the official cash rate (OCR), leaving it at a record low of 0.10% at their July monetary policy meeting. The central bank said that it will keep yield curve target at April 2024 bond and not extend to November 2024 line.
“The bank's central scenario for the economy is that condition for rate hikes will not be met before 2024,” the Reserve Bank of Australia (RBA) July meeting’s minutes revealed on Tuesday. Additional takeaways: "Board remains committed to maintaining highly supportive monetary conditions. "
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.
